Heartland Advisors Inc. Has $25.88 Million Stock Holdings in NOV Inc. (NYSE:NOV)

Key Points

• Heartland Advisors Inc. reduced its stake in NOV Inc. by 1.3% during the first quarter, holding approximately $25.88 million worth of shares, making it the company's fifth largest position.
• Institutional investors own 93.27% of NOV's stock, with multiple hedge funds including American Century Companies Inc. significantly increasing their stakes in the company during the fourth quarter.
• Analyst ratings for NOV vary, with a consensus rating of "Hold" and a price target averaging $17.31, reflecting recent downgrades from several brokerages.

Heartland Advisors Inc. cut its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,700,351 shares of the oil and gas exploration company's stock after selling 22,435 shares during the quarter. NOV makes up approximately 1.5% of Heartland Advisors Inc.'s holdings, making the stock its 5th biggest position. Heartland Advisors Inc. owned about 0.45% of NOV worth $25,879,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in NOV. Raymond James Financial Inc. purchased a new position in NOV in the 4th quarter worth approximately $3,332,000. Commonwealth Equity Services LLC lifted its holdings in NOV by 28.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 25,425 shares of the oil and gas exploration company's stock worth $371,000 after purchasing an additional 5,605 shares in the last quarter. Corient Private Wealth LLC lifted its holdings in NOV by 17.9% in the 4th quarter. Corient Private Wealth LLC now owns 14,506 shares of the oil and gas exploration company's stock worth $212,000 after purchasing an additional 2,198 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of NOV by 30.6% during the 4th quarter. Teacher Retirement System of Texas now owns 154,810 shares of the oil and gas exploration company's stock worth $2,260,000 after acquiring an additional 36,305 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of NOV by 416.5% during the 4th quarter. American Century Companies Inc. now owns 648,506 shares of the oil and gas exploration company's stock worth $9,468,000 after acquiring an additional 522,941 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NOV. Wells Fargo & Company decreased their price objective on NOV from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Thursday, June 5th. Morgan Stanley decreased their price target on NOV from $18.00 to $15.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Piper Sandler decreased their price target on NOV from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. The Goldman Sachs Group decreased their price target on NOV from $16.00 to $13.00 and set a "sell" rating on the stock in a report on Thursday, April 10th. Finally, Royal Bank Of Canada decreased their price target on NOV from $20.00 to $19.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $17.31.

NOV Stock Performance

Shares of NOV stock opened at $13.70 on Friday. The stock's fifty day moving average is $12.95 and its two-hundred day moving average is $13.66. The company has a market capitalization of $5.15 billion, a PE ratio of 9.13, a price-to-earnings-growth ratio of 3.49 and a beta of 1.28. 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 52 week low of $10.84 and a 52 week high of $21.20.

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

NOV Dividend Announcement

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

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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