Wedge Capital Management L L P NC Buys Shares of 1,063,859 NOV Inc. (NYSE:NOV)

Wedge Capital Management L L P NC acquired a new position in shares of NOV Inc. (NYSE:NOV - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 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 0.28% of NOV at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in NOV by 13.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 16,793,128 shares of the oil and gas exploration company's stock worth $245,178,000 after acquiring an additional 1,934,243 shares during the period. Geode Capital Management LLC boosted its position in NOV by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 6,697,650 shares of the oil and gas exploration company's stock valued at $97,815,000 after buying an additional 302,009 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in NOV by 40.7% in the 4th quarter. Ameriprise Financial Inc. now owns 5,718,408 shares of the oil and gas exploration company's stock worth $83,489,000 after buying an additional 1,652,917 shares during the period. Van ECK Associates Corp raised its position in NOV by 22.1% during the 4th quarter. Van ECK Associates Corp now owns 5,182,044 shares of the oil and gas exploration company's stock worth $75,658,000 after buying an additional 938,866 shares during the last quarter. Finally, Greenhaven Associates Inc. lifted its stake in NOV by 25.0% during the 1st quarter. Greenhaven Associates Inc. now owns 4,114,157 shares of the oil and gas exploration company's stock valued at $62,617,000 after acquiring an additional 823,115 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOV has been the topic of a number of research reports. Stifel Nicolaus cut their price objective on shares of NOV from $25.00 to $23.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Royal Bank of Canada lowered their price target on shares of NOV from $20.00 to $19.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. JPMorgan Chase & Co. reduced their price objective on NOV from $20.00 to $17.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Morgan Stanley lowered their target price on NOV from $18.00 to $15.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Finally, Barclays dropped 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. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $17.44.

NOV Price Performance

Shares of NYSE NOV traded up $0.25 during trading on Monday, hitting $12.87. The company had a trading volume of 3,221,921 shares, compared to its average volume of 3,992,353. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 7.99, a price-to-earnings-growth ratio of 1.02 and a beta of 1.28. The stock has a fifty day simple moving average of $12.31 and a two-hundred day simple moving average of $14.08. 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.

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 (EPS) 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 during the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the previous year, the firm posted $0.30 earnings per share. The company's quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts expect that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Announces Dividend

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

NOV 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.