NOV Inc. (NYSE:NOV) Shares Purchased by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd significantly increased its investment in NOV Inc. by 197.1%, acquiring a total of 48,041 shares valued at approximately $731,000.
• NOV reported a loss of $0.01 per share for the latest quarter, with revenues of $2.19 billion, slightly above expectations.
• The company declared a $0.21 dividend recently, resulting in a yield of 3.63%, with a payout ratio of 20.00%.

Bayforest Capital Ltd raised its holdings in shares of NOV Inc. (NYSE:NOV - Free Report) by 197.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,041 shares of the oil and gas exploration company's stock after purchasing an additional 31,873 shares during the quarter. Bayforest Capital Ltd's holdings in NOV were worth $731,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of NOV. Dimensional Fund Advisors LP raised its holdings in shares of NOV by 13.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 16,793,128 shares of the oil and gas exploration company's stock valued at $245,178,000 after purchasing an additional 1,934,243 shares in the last quarter. AQR Capital Management LLC grew its stake in NOV by 85.9% during the 4th quarter. AQR Capital Management LLC now owns 3,784,096 shares of the oil and gas exploration company's stock valued at $55,248,000 after purchasing an additional 1,748,816 shares during the last quarter. Ameriprise Financial Inc. boosted its position in NOV by 40.7% in the fourth quarter. Ameriprise Financial Inc. now owns 5,718,408 shares of the oil and gas exploration company's stock valued at $83,489,000 after buying an additional 1,652,917 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in NOV by 187.6% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,071,760 shares of the oil and gas exploration company's stock worth $30,248,000 after buying an additional 1,351,441 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of NOV by 181.2% during the fourth quarter. Millennium Management LLC now owns 1,743,550 shares of the oil and gas exploration company's stock worth $25,456,000 after purchasing an additional 1,123,431 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Trading Down 3.5%

Shares of NOV stock traded down $0.44 on Friday, hitting $12.14. The stock had a trading volume of 4,159,757 shares, compared to its average volume of 4,390,611. The company's 50 day moving average price is $13.04 and its 200-day moving average price is $13.61. NOV Inc. has a 1 year low of $10.84 and a 1 year high of $19.35. The firm has a market capitalization of $4.56 billion, a P/E ratio of 9.95, a P/E/G ratio of 3.41 and a beta of 1.28. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.58 and a quick ratio of 1.76.

NOV (NYSE:NOV - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. NOV had a net margin of 5.36% and a return on equity of 7.25%. NOV's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 earnings per share. Analysts anticipate that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, June 3rd were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a yield of 363.0%. NOV's dividend payout ratio (DPR) is presently 24.59%.

Analyst Ratings Changes

NOV has been the subject of several recent research reports. Susquehanna set a $17.00 price target on NOV and gave the company a "positive" rating in a research report on Wednesday. JPMorgan Chase & Co. downgraded NOV from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $17.00 to $15.00 in a research report on Wednesday. Morgan Stanley cut their price target on shares of NOV from $18.00 to $15.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Barclays decreased their price target on shares of NOV from $13.00 to $11.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 30th. Finally, Piper Sandler reduced their target price on NOV from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $16.69.

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.