Arizona State Retirement System Cuts Stake in NOV Inc. (NYSE:NOV)

Arizona State Retirement System reduced its stake in shares of NOV Inc. (NYSE:NOV) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,606 shares of the oil and gas exploration company’s stock after selling 2,654 shares during the quarter. Arizona State Retirement System’s holdings in NOV were worth $1,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in NOV. Proficio Capital Partners LLC purchased a new position in NOV during the fourth quarter worth $341,000. Raymond James Financial Inc. purchased a new position in NOV during the fourth quarter worth $3,332,000. Commonwealth Equity Services LLC boosted its stake in NOV by 28.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 25,425 shares of the oil and gas exploration company’s stock worth $371,000 after buying an additional 5,605 shares during the period. Corient Private Wealth LLC boosted its stake in NOV by 17.9% during the fourth quarter. Corient Private Wealth LLC now owns 14,506 shares of the oil and gas exploration company’s stock worth $212,000 after buying an additional 2,198 shares during the period. Finally, Signaturefd LLC boosted its stake in 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 buying an additional 756 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOV has been the subject of several recent analyst reports. The Goldman Sachs Group dropped their price objective 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. Stifel Nicolaus decreased their target price on NOV from $23.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday. Royal Bank Of Canada decreased their target price on NOV from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Wells Fargo & Company decreased their target price on NOV from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, June 5th. Finally, Susquehanna decreased their target price on NOV from $19.00 to $18.00 and set a “positive” rating for the company in a research report on Tuesday, July 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 MarketBeat.com, NOV has an average rating of “Hold” and a consensus price target of $17.31.

NOV Stock Down 0.4%

NOV opened at $12.90 on Friday. The business’s fifty day moving average is $12.93 and its two-hundred day moving average is $13.70. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.76 and a current ratio of 2.65. The company has a market cap of $4.85 billion, a price-to-earnings ratio of 8.60, a PEG ratio of 3.29 and a beta of 1.28. NOV Inc. has a one year low of $10.84 and a one year high of $21.20.

NOV (NYSE:NOV) last posted its earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.06). The firm had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.11 billion. NOV had a return on equity of 9.11% and a net margin of 6.68%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.30 earnings per share. Analysts anticipate 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. Stockholders 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 (DPR) is 20.00%.

NOV Profile

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.