Bank of New York Mellon Corp Trims Stock Position in NOV Inc. (NYSE:NOV)

Bank of New York Mellon Corp lessened its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 51.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,335,836 shares of the oil and gas exploration company's stock after selling 4,657,393 shares during the quarter. Bank of New York Mellon Corp owned about 1.15% of NOV worth $65,991,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NOV. Huntington National Bank lifted its position in shares of NOV by 88.7% during the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock worth $32,000 after buying an additional 1,034 shares during the last quarter. Covestor Ltd increased its holdings in shares of 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 acquiring an additional 1,655 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of NOV in the 1st quarter valued at $36,000. Signaturefd LLC increased its holdings in shares of NOV by 41.3% in the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock valued at $38,000 after acquiring an additional 756 shares during the period. Finally, CoreFirst Bank & Trust acquired a new position in shares of NOV in the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

NOV Stock Performance

NYSE:NOV opened at $13.71 on Friday. The company has a quick ratio of 1.76, a current ratio of 2.65 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 stock has a market cap of $5.15 billion, a PE ratio of 9.14, a price-to-earnings-growth ratio of 3.45 and a beta of 1.28. The firm's fifty day simple moving average is $12.85 and its 200-day simple moving average is $13.76.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.06). NOV had a return on equity of 9.11% and a net margin of 6.68%. The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period last year, the company earned $0.30 earnings per share. The business's revenue for the quarter was down 2.4% compared to the same quarter last year. Analysts expect that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The firm also recently disclosed a dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, June 3rd were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a dividend yield of 3.63%. NOV's dividend payout ratio is presently 20.00%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NOV. Piper Sandler cut their target price 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. Royal Bank Of Canada cut their target price 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. cut their target price on shares of NOV from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Morgan Stanley cut their target price on shares of NOV from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Finally, Susquehanna dropped their price objective on shares of NOV from $19.00 to $18.00 and set a "positive" rating on the stock in a research note on Tuesday, July 1st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $17.38.

About NOV

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.

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