Northern Trust Corp Has $63.18 Million Stock Position in NOV Inc. $NOV

Key Points

• Northern Trust Corp increased its holdings in NOV Inc. by 12.6% in Q1 2023, owning approximately 4.15 million shares valued at $63.18 million.
• NOV's recent earnings report showed a missed EPS estimate of $0.29 compared to the consensus estimate of $0.30, along with a 1.3% decrease in year-over-year revenue.
• The company recently announced a quarterly dividend of $0.075 per share, representing a 2.3% yield and a payout ratio of 24.59%.

Northern Trust Corp increased its holdings in shares of NOV Inc. (NYSE:NOV - Free Report) by 12.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,150,911 shares of the oil and gas exploration company's stock after purchasing an additional 465,364 shares during the quarter. Northern Trust Corp owned 1.10% of NOV worth $63,177,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in NOV during the 1st quarter worth approximately $36,000. Exchange Traded Concepts LLC increased its stake in NOV by 382.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 18,201 shares of the oil and gas exploration company's stock worth $277,000 after purchasing an additional 14,432 shares in the last quarter. GAMMA Investing LLC increased its stake in NOV by 172.9% during the 1st quarter. GAMMA Investing LLC now owns 4,320 shares of the oil and gas exploration company's stock worth $66,000 after purchasing an additional 2,737 shares in the last quarter. Vanguard Group Inc. increased its stake in NOV by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 39,463,027 shares of the oil and gas exploration company's stock worth $600,627,000 after purchasing an additional 566,160 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in NOV by 15.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 669,077 shares of the oil and gas exploration company's stock worth $10,183,000 after purchasing an additional 87,909 shares in the last quarter. 93.27% of the stock is owned by institutional investors.

NOV Stock Performance

NOV stock traded up $0.09 during midday trading on Friday, reaching $13.29. 2,821,533 shares of the company were exchanged, compared to its average volume of 4,241,766. 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 business has a 50-day moving average price of $12.87 and a two-hundred day moving average price of $13.25. NOV Inc. has a one year low of $10.84 and a one year high of $18.11. The firm has a market capitalization of $4.94 billion, a price-to-earnings ratio of 10.89, a price-to-earnings-growth ratio of 3.72 and a beta of 1.32.

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

NOV Announces Dividend

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

Analysts Set New Price Targets

NOV has been the subject of several research reports. Susquehanna set a $17.00 price target on shares of NOV and gave the stock a "positive" rating in a research note on Wednesday, July 30th. Morgan Stanley decreased their price target on shares of NOV from $18.00 to $15.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Stifel Nicolaus decreased their price target on shares of 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 decreased their price target on shares of NOV from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Thursday, June 5th. Finally, JPMorgan Chase & Co. cut shares of NOV from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $17.00 to $15.00 in a research note on Wednesday, July 30th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $16.56.

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.