NewEdge Advisors LLC Increases Stake in NOV Inc. (NYSE:NOV)

NewEdge Advisors LLC grew its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 6,574.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,827 shares of the oil and gas exploration company's stock after acquiring an additional 21,500 shares during the period. NewEdge Advisors LLC's holdings in NOV were worth $319,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Huntington National Bank boosted its position in NOV by 88.7% during the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock worth $32,000 after purchasing an additional 1,034 shares during the period. Covestor Ltd grew its stake in NOV by 282.9% in the 4th 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 in the last quarter. UMB Bank n.a. raised its holdings in NOV by 222.3% during the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company's stock valued at $34,000 after acquiring an additional 1,612 shares during the period. Signaturefd LLC lifted its position in shares of NOV by 41.3% during the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock worth $38,000 after acquiring an additional 756 shares in the last quarter. Finally, CoreFirst Bank & Trust bought a new position in shares of NOV in the fourth quarter worth $41,000. Institutional investors own 93.27% of the company's stock.

NOV Price Performance

Shares of NOV traded up $0.39 during midday trading on Friday, reaching $12.27. The stock had a trading volume of 3,657,859 shares, compared to its average volume of 3,907,304. The company has a current ratio of 2.46, a quick ratio of 1.64 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 7.62, a price-to-earnings-growth ratio of 1.02 and a beta of 1.27. The company's 50-day moving average is $13.50 and its 200 day moving average is $14.70. 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 earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.06). The firm had revenue of $2.10 billion during the quarter, compared to analysts' expectations of $2.11 billion. NOV had a return on equity of 9.88% and a net margin of 7.16%. The firm's quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.30 EPS. On average, equities analysts predict that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Friday, March 14th. NOV's dividend payout ratio is currently 20.00%.

Analysts Set New Price Targets

A number of research firms recently issued reports on NOV. The Goldman Sachs Group decreased their price objective on NOV from $16.00 to $13.00 and set a "sell" rating on the stock in a research note on Thursday, April 10th. Piper Sandler lowered their price target on shares of NOV from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Thursday. Barclays cut their price objective on shares of NOV from $13.00 to $11.00 and set an "underweight" rating for the company in a research report on Wednesday. Susquehanna decreased their target price on shares of NOV from $21.00 to $19.00 and set a "positive" rating on the stock in a report on Monday, April 14th. Finally, Raymond James raised their price target on shares of NOV from $18.00 to $19.00 and gave the company an "outperform" rating in a report on Thursday, February 6th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $18.00.

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.