Corebridge Financial Inc. Decreases Stock Position in NOV Inc. $NOV

Key Points

• Corebridge Financial Inc. has reduced its stake in NOV Inc. by 4.4%, now holding approximately 420,675 shares valued at around $6.40 million.
• A recent analyst report indicated multiple target price reductions for NOV, with Evercore ISI and Royal Bank of Canada among those adjusting their ratings.
• NOV announced a quarterly dividend of $0.075 per share, representing a 2.3% dividend yield, set to be paid on September 26th.

Corebridge Financial Inc. decreased its stake in NOV Inc. (NYSE:NOV - Free Report) by 4.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 420,675 shares of the oil and gas exploration company's stock after selling 19,572 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of NOV worth $6,403,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of NOV. Banque Cantonale Vaudoise purchased a new stake in shares of NOV in the first quarter worth about $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of NOV in the first quarter worth about $36,000. CX Institutional purchased a new stake in shares of NOV in the first quarter worth about $42,000. UMB Bank n.a. boosted its stake in shares of NOV by 66.7% in the first quarter. UMB Bank n.a. now owns 3,895 shares of the oil and gas exploration company's stock worth $59,000 after buying an additional 1,558 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of NOV by 172.9% in the first quarter. GAMMA Investing LLC now owns 4,320 shares of the oil and gas exploration company's stock worth $66,000 after buying an additional 2,737 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. 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, July 30th. Stifel Nicolaus lowered their price target on NOV from $22.00 to $20.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. Evercore ISI lowered their price target on NOV from $15.00 to $14.00 and set an "in-line" rating on the stock in a research report on Wednesday, July 30th. Susquehanna set a $17.00 price target on NOV and gave the stock a "positive" rating in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company lowered their price target on NOV from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Thursday, June 5th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $16.56.

NOV Price Performance

Shares of NYSE:NOV traded down $0.19 during midday trading on Tuesday, hitting $13.10. The company had a trading volume of 3,032,661 shares, compared to its average volume of 4,234,482. NOV Inc. has a twelve month low of $10.84 and a twelve month high of $17.52. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.58 and a quick ratio of 1.72. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 3.77 and a beta of 1.34. The business's 50-day simple moving average is $12.87 and its 200-day simple moving average is $13.17.

NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. NOV had a return on equity of 7.25% and a net margin of 5.36%.NOV's revenue was down 1.3% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. NOV has set its Q3 2025 guidance at EPS. On average, research analysts predict that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.30 annualized dividend and a yield of 2.3%. NOV's dividend payout ratio (DPR) is 24.59%.

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.