NOV Inc. (NYSE:NOV) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. divested 7,358,552 shares of NOV Inc., reducing its stake by 59.8%, while still holding 4,950,881 shares valued at approximately $75.35 million.
• NOV reported earnings of $0.19 per share, missing expectations of $0.25, with quarterly revenue falling short at $2.10 billion against the anticipated $2.11 billion.
• Recent analyst reports have adjusted the price target for NOV, with estimates ranging from $10.00 to $19.00, reflecting mixed ratings of buy, hold, and sell.

Pacer Advisors Inc. cut its position in NOV Inc. (NYSE:NOV - Free Report) by 59.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,950,881 shares of the oil and gas exploration company's stock after selling 7,358,552 shares during the period. Pacer Advisors Inc. owned approximately 1.32% of NOV worth $75,352,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Huntington National Bank boosted its stake in shares of 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 during the last quarter. Covestor Ltd boosted its stake in shares of NOV by 282.9% in the fourth quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company's stock worth $33,000 after buying an additional 1,655 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of NOV in the first quarter worth about $36,000. CX Institutional purchased a new stake in shares of NOV in the first quarter worth about $42,000. Finally, UMB Bank n.a. boosted its stake in shares of 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 worth $59,000 after buying an additional 1,558 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Price Performance

Shares of NYSE NOV traded down $1.26 during midday trading on Tuesday, hitting $12.90. The stock had a trading volume of 4,225,054 shares, compared to its average volume of 4,339,263. The company has a market capitalization of $4.85 billion, a PE ratio of 8.64, a P/E/G ratio of 3.56 and a beta of 1.28. The stock has a 50 day simple moving average of $13.01 and a 200-day simple moving average of $13.64. NOV Inc. has a 1 year low of $10.84 and a 1 year high of $21.20. The company has a quick ratio of 1.76, a current ratio of 2.65 and a debt-to-equity ratio of 0.26.

NOV (NYSE:NOV - Get Free Report) last released its earnings results on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.16 billion. NOV had a net margin of 6.68% and a return on equity of 9.11%. The business's revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 EPS. On average, sell-side analysts expect that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Announces Dividend

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

Analysts Set New Price Targets

A number of brokerages have recently commented on NOV. JPMorgan Chase & Co. lowered their target price on NOV from $20.00 to $17.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. The Goldman Sachs Group lowered their target price on NOV from $16.00 to $13.00 and set a "sell" rating on the stock in a research note on Thursday, April 10th. Stifel Nicolaus lowered their target price on NOV from $23.00 to $22.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley lowered their price target on NOV from $18.00 to $15.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Finally, Susquehanna lowered their price target on NOV from $19.00 to $18.00 and set a "positive" rating on the stock in a research report on Tuesday, July 1st. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target 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.