Wedge Capital Management L L P NC Invests $16.19 Million in NOV Inc. (NYSE:NOV)

Wedge Capital Management L L P NC bought a new position in shares of NOV Inc. (NYSE:NOV - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,063,859 shares of the oil and gas exploration company's stock, valued at approximately $16,192,000. Wedge Capital Management L L P NC owned approximately 0.28% of NOV as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of NOV. Huntington National Bank grew its position in shares of NOV by 88.7% in the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock valued at $32,000 after acquiring an additional 1,034 shares during the period. Covestor Ltd lifted its stake in NOV by 282.9% in the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company's stock valued at $33,000 after purchasing an additional 1,655 shares during the last quarter. Signaturefd LLC grew its holdings in NOV by 41.3% during the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock worth $38,000 after purchasing an additional 756 shares during the period. CoreFirst Bank & Trust acquired a new position in NOV during the fourth quarter worth approximately $41,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in NOV in the fourth quarter valued at approximately $42,000. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Price Performance

Shares of NOV traded up $0.09 during trading hours on Wednesday, hitting $13.40. 4,895,418 shares of the company were exchanged, compared to its average volume of 4,004,987. The company has a quick ratio of 1.64, a current ratio of 2.46 and a debt-to-equity ratio of 0.26. NOV Inc. has a fifty-two week low of $10.84 and a fifty-two week high of $21.20. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 8.32, a P/E/G ratio of 1.02 and a beta of 1.28. The firm's fifty day moving average is $12.26 and its 200 day moving average is $14.05.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.06). NOV had a return on equity of 9.88% and a net margin of 7.16%. The firm had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the prior year, the company earned $0.30 EPS. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. On average, equities analysts anticipate that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Friday, June 13th. Investors of record on Tuesday, June 3rd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a yield of 3.63%. NOV's dividend payout ratio (DPR) is 20.00%.

Analyst Ratings Changes

A number of research firms recently weighed in on NOV. Barclays decreased their target price on NOV from $13.00 to $11.00 and set an "underweight" rating on the stock in a report on Wednesday, April 30th. Piper Sandler decreased their price objective on shares of NOV from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Morgan Stanley cut their target price on shares of NOV from $18.00 to $15.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. JPMorgan Chase & Co. decreased their price target on shares of NOV from $20.00 to $17.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Finally, Stifel Nicolaus cut their price objective on shares of NOV from $25.00 to $23.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $17.44.

NOV Company Profile

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.