Comerica Bank Grows Stake in NOV Inc. $NOV

Key Points

• Comerica Bank increased its stake in NOV Inc. by 51.4%, owning 181,223 shares valued at approximately $2.76 million after an additional purchase of 61,531 shares.
• The company reported a net income decrease with earnings per share of $0.29, missing estimates, alongside a revenue of $2.19 billion that exceeded expectations.
• A recent quarterly dividend of $0.075 per share is set to be paid on September 26th, representing a 2.3% yield with a payout ratio of 24.59%.

Comerica Bank lifted its holdings in shares of NOV Inc. (NYSE:NOV - Free Report) by 51.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 181,223 shares of the oil and gas exploration company's stock after purchasing an additional 61,531 shares during the period. Comerica Bank's holdings in NOV were worth $2,758,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Banque Cantonale Vaudoise acquired a new position in shares of NOV during the first quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of NOV during the first quarter worth $36,000. CX Institutional acquired a new position in shares of NOV during the first quarter worth $42,000. UMB Bank n.a. lifted its holdings in 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 valued at $59,000 after buying an additional 1,558 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in 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 valued at $66,000 after buying an additional 2,737 shares during the period. Institutional investors and hedge funds own 93.27% of the company's stock.

NOV Stock Up 2.0%

Shares of NYSE:NOV traded up $0.27 during midday trading on Thursday, hitting $13.25. 1,339,808 shares of the company's stock were exchanged, compared to its average volume of 4,225,122. 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 50 day moving average price of $12.87 and a 200-day moving average price of $13.17. The company has a market cap of $4.92 billion, a PE ratio of 10.85, a price-to-earnings-growth ratio of 3.77 and a beta of 1.34. NOV Inc. has a 12 month low of $10.84 and a 12 month high of $17.12.

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

NOV Announces Dividend

The company also recently disclosed 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. This represents a $0.30 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, September 12th. NOV's dividend payout ratio is presently 24.59%.

Analyst Ratings Changes

NOV has been the topic of several recent analyst reports. Susquehanna set a $17.00 target price on shares of NOV and gave the company a "positive" rating in a report on Wednesday, July 30th. Royal Bank Of Canada dropped their target price on shares of NOV from $19.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, July 30th. Evercore ISI dropped their target price on shares of NOV from $15.00 to $14.00 and set an "in-line" rating on the stock in a report on Wednesday, July 30th. Stifel Nicolaus dropped their target price on shares of NOV from $22.00 to $20.00 and set a "buy" rating on the stock in a report on Wednesday, July 30th. Finally, Morgan Stanley dropped 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. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, NOV presently has a consensus rating of "Hold" and an average price target of $16.56.

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.