Principal Financial Group Inc. Sells 6,273 Shares of NOV Inc. (NYSE:NOV)

Principal Financial Group Inc. cut its holdings in NOV Inc. (NYSE:NOVFree Report) by 0.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,446,193 shares of the oil and gas exploration company’s stock after selling 6,273 shares during the period. Principal Financial Group Inc. owned about 0.37% of NOV worth $29,329,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Principal Securities Inc. bought a new position in NOV during the 4th quarter valued at about $97,000. Everpar Advisors LLC bought a new position in NOV during the 4th quarter valued at about $204,000. Charles Schwab Investment Management Inc. grew its holdings in NOV by 4.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,776,524 shares of the oil and gas exploration company’s stock valued at $56,308,000 after purchasing an additional 130,478 shares during the last quarter. Private Advisor Group LLC bought a new position in NOV during the 4th quarter valued at about $280,000. Finally, Amalgamated Bank grew its holdings in NOV by 0.4% during the 4th quarter. Amalgamated Bank now owns 251,686 shares of the oil and gas exploration company’s stock valued at $5,104,000 after purchasing an additional 1,034 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors.

Insider Activity at NOV

In related news, CAO Christy Lynn Novak sold 3,500 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total transaction of $61,005.00. Following the completion of the sale, the chief accounting officer now owns 114,212 shares of the company’s stock, valued at $1,990,715.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.85% of the stock is currently owned by corporate insiders.

NOV Price Performance

Shares of NOV opened at $19.06 on Friday. The company has a 50 day moving average price of $19.09 and a 200-day moving average price of $19.03. NOV Inc. has a fifty-two week low of $14.05 and a fifty-two week high of $21.91. The stock has a market capitalization of $7.54 billion, a PE ratio of 7.65, a PEG ratio of 0.81 and a beta of 1.74. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50.

NOV (NYSE:NOVGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.03. NOV had a net margin of 11.23% and a return on equity of 10.21%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter in the prior year, the company earned $0.32 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. Equities analysts predict that NOV Inc. will post 1.55 earnings per share for the current fiscal year.

NOV Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.075 per share. This is a boost from NOV’s previous quarterly dividend of $0.05. The ex-dividend date is Friday, June 14th. This represents a $0.30 dividend on an annualized basis and a yield of 1.57%. NOV’s dividend payout ratio is presently 8.03%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. StockNews.com upgraded shares of NOV from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. TD Cowen cut their price target on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Piper Sandler dropped their target price on shares of NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 20th. Stifel Nicolaus dropped their target price on shares of NOV from $28.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, February 5th. Finally, Raymond James dropped their target price on shares of NOV from $28.00 to $25.00 and set an “outperform” rating on the stock in a research note on Monday, February 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.07.

View Our Latest Stock Analysis on NOV

NOV Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for NOV (NYSE:NOV)

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