Edgestream Partners L.P. Increases Stock Position in NOV Inc. (NYSE:NOV)

Edgestream Partners L.P. grew its position in shares of NOV Inc. (NYSE:NOV - Free Report) by 102.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 209,704 shares of the oil and gas exploration company's stock after acquiring an additional 105,876 shares during the period. Edgestream Partners L.P. owned about 0.06% of NOV worth $3,192,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Huntington National Bank raised its stake in NOV by 88.7% in the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock worth $32,000 after buying an additional 1,034 shares in the last quarter. Covestor Ltd grew its holdings in shares of NOV by 282.9% during the fourth quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company's stock valued at $33,000 after buying an additional 1,655 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in NOV in the first quarter worth approximately $36,000. Signaturefd LLC boosted its holdings in NOV by 41.3% in the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock worth $38,000 after purchasing an additional 756 shares during the last quarter. Finally, CX Institutional purchased a new stake in NOV in the first quarter worth approximately $42,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

NOV Stock Down 0.4%

Shares of NYSE NOV traded down $0.05 during trading hours on Friday, hitting $12.90. 3,696,180 shares of the stock were exchanged, compared to its average volume of 4,145,669. The company has a quick ratio of 1.76, a current ratio of 2.65 and a debt-to-equity ratio of 0.26. The company has a market cap of $4.85 billion, a PE ratio of 8.60, a PEG ratio of 3.24 and a beta of 1.28. The firm has a fifty day moving average price of $12.92 and a 200-day moving average price of $13.71. NOV Inc. has a 12 month low of $10.84 and a 12 month high of $21.20.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share (EPS) 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 company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the previous year, the company posted $0.30 EPS. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. On average, sell-side analysts expect that NOV Inc. will post 1.4 EPS for the current year.

NOV Announces Dividend

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