Ninety One UK Ltd Lowers Stock Position in NOV Inc. (NYSE:NOV)

Ninety One UK Ltd cut its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 67.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 929,109 shares of the oil and gas exploration company's stock after selling 1,956,595 shares during the quarter. Ninety One UK Ltd owned 0.25% of NOV worth $14,141,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NOV. Dimensional Fund Advisors LP grew its holdings in shares of NOV by 13.0% during 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 during the last quarter. AQR Capital Management LLC grew its holdings in shares of 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. grew its holdings in NOV by 40.7% during the 4th quarter. Ameriprise Financial Inc. now owns 5,718,408 shares of the oil and gas exploration company's stock worth $83,489,000 after acquiring an additional 1,652,917 shares during the last quarter. D. E. Shaw & Co. Inc. grew its holdings 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 acquiring an additional 1,351,441 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in NOV by 181.2% during the 4th quarter. Millennium Management LLC now owns 1,743,550 shares of the oil and gas exploration company's stock worth $25,456,000 after acquiring an additional 1,123,431 shares during the last quarter. 93.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Piper Sandler reduced 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. JPMorgan Chase & Co. reduced 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 reduced 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. The Goldman Sachs Group reduced their price objective on shares of NOV from $16.00 to $13.00 and set a "sell" rating on the stock in a research note on Thursday, April 10th. Finally, Susquehanna reduced 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 presently has a consensus rating of "Hold" and an average target price of $17.38.

NOV Stock Down 0.4%

Shares of NOV stock traded down $0.05 during trading hours on Friday, reaching $13.71. The company's stock had a trading volume of 3,677,214 shares, compared to its average volume of 4,140,299. NOV Inc. has a one year low of $10.84 and a one year high of $21.20. The company has a market capitalization of $5.15 billion, a P/E ratio of 9.14, a P/E/G ratio of 3.45 and a beta of 1.28. The stock's fifty day simple moving average is $12.85 and its two-hundred day simple moving average is $13.76. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.76 and a current ratio of 2.65.

NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings data 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 net margin of 6.68% and a return on equity of 9.11%. The business had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same period last year, the business posted $0.30 earnings per share. The firm's quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts forecast that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Dividend Announcement

The company also recently announced a dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, June 3rd were issued a $0.21 dividend. The ex-dividend date was Monday, June 2nd. This represents a dividend yield of 3.63%. NOV's dividend payout ratio is currently 20.00%.

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.