Envestnet Asset Management Inc. Raises Stake in NOV Inc. (NYSE:NOV)

Envestnet Asset Management Inc. raised its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 15.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 669,077 shares of the oil and gas exploration company's stock after purchasing an additional 87,909 shares during the quarter. Envestnet Asset Management Inc. owned 0.18% of NOV worth $10,183,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in NOV. Penserra Capital Management LLC boosted its position in NOV by 26.9% in the first quarter. Penserra Capital Management LLC now owns 42,649 shares of the oil and gas exploration company's stock valued at $649,000 after buying an additional 9,036 shares in the last quarter. D.A. Davidson & CO. acquired a new position in NOV in the first quarter valued at about $229,000. Canandaigua National Bank & Trust Co. boosted its position in NOV by 2.5% in the first quarter. Canandaigua National Bank & Trust Co. now owns 61,363 shares of the oil and gas exploration company's stock valued at $934,000 after buying an additional 1,468 shares in the last quarter. Canandaigua National Trust Co of Florida boosted its position in NOV by 19.2% in the first quarter. Canandaigua National Trust Co of Florida now owns 36,159 shares of the oil and gas exploration company's stock valued at $550,000 after buying an additional 5,819 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in NOV in the first quarter valued at about $36,000. Institutional investors own 93.27% of the company's stock.

NOV Price Performance

NOV stock traded up $0.34 during trading hours on Tuesday, reaching $13.05. 3,634,776 shares of the stock were exchanged, compared to its average volume of 4,154,881. The company has a market cap of $4.90 billion, a P/E ratio of 8.70, a price-to-earnings-growth ratio of 3.29 and a beta of 1.28. The company has a current ratio of 2.65, a quick ratio of 1.76 and a debt-to-equity ratio of 0.26. NOV Inc. has a twelve month low of $10.84 and a twelve month high of $21.20. The stock has a 50 day moving average of $12.93 and a two-hundred day moving average of $13.69.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the previous year, the business posted $0.30 earnings per share. The company's revenue for the quarter was down 2.4% on a year-over-year basis. Equities analysts expect that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NOV shares. JPMorgan Chase & Co. dropped their price target on shares of NOV from $20.00 to $17.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Susquehanna dropped their price target on shares of NOV from $19.00 to $18.00 and set a "positive" rating for the company in a research note on Tuesday, July 1st. The Goldman Sachs Group dropped their price target on shares of NOV from $16.00 to $13.00 and set a "sell" rating for the company in a research note on Thursday, April 10th. 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. Finally, Wells Fargo & Company dropped 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. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, NOV presently has an average rating of "Hold" and an average target price of $17.31.

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.