Cubist Systematic Strategies LLC Makes New Investment in NOV Inc. $NOV

Key Points

• Cubist Systematic Strategies LLC has acquired a new stake in NOV Inc. by purchasing 520,648 shares valued at approximately $7.9 million, representing 0.14% of the company.
• In its latest earnings report, NOV Inc. missed the consensus EPS estimate of $0.30 by $0.01, posting $0.29 EPS, while revenues for the quarter were slightly above analyst expectations at $2.19 billion.
• NOV recently announced a quarterly dividend of $0.075 per share, equating to a $0.30 annualized dividend with a yield of 2.3%, to be paid on September 26th to shareholders of record.

Cubist Systematic Strategies LLC acquired a new stake in shares of NOV Inc. (NYSE:NOV - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 520,648 shares of the oil and gas exploration company's stock, valued at approximately $7,924,000. Cubist Systematic Strategies LLC owned about 0.14% of NOV at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Banque Cantonale Vaudoise purchased a new stake in shares of NOV during the 1st quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of NOV during the 1st quarter valued at $36,000. CX Institutional purchased a new stake in shares of NOV during the 1st quarter valued at $42,000. Quarry LP lifted its holdings in shares of NOV by 119.7% during the 1st quarter. Quarry LP now owns 3,407 shares of the oil and gas exploration company's stock valued at $52,000 after purchasing an additional 1,856 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of NOV by 66.7% during the 1st quarter. UMB Bank n.a. now owns 3,895 shares of the oil and gas exploration company's stock valued at $59,000 after purchasing an additional 1,558 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NOV shares. Stifel Nicolaus reduced their target price on NOV from $22.00 to $20.00 and set a "buy" rating for the company in a research note on Wednesday, July 30th. Wells Fargo & Company dropped their target price on NOV from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Thursday, June 5th. Royal Bank Of Canada dropped their target price on NOV from $19.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. Morgan Stanley lowered their price objective on NOV from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Finally, Piper Sandler lowered their price objective on NOV from $16.00 to $14.00 and set a "neutral" rating on the stock in a report on Thursday, August 14th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $16.56.

NOV Trading Down 1.6%

NYSE NOV traded down $0.22 on Monday, reaching $13.10. The stock had a trading volume of 703,869 shares, compared to its average volume of 4,207,933. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 10.73, a P/E/G ratio of 3.80 and a beta of 1.34. The company has a quick ratio of 1.72, a current ratio of 2.58 and a debt-to-equity ratio of 0.26. NOV Inc. has a 12-month low of $10.84 and a 12-month high of $17.12. The stock has a fifty day moving average price of $12.89 and a two-hundred day moving average price of $13.11.

NOV (NYSE:NOV - Get Free Report) last announced its earnings results on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share (EPS) 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 analysts' expectations of $2.16 billion. NOV had a net margin of 5.36% and a return on equity of 7.25%. The firm's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 EPS. NOV has set its Q3 2025 guidance at EPS. As a group, sell-side analysts forecast that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a $0.075 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.30 dividend on an annualized basis and a yield of 2.3%. NOV's payout ratio is presently 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.