Hennessy Advisors Inc. Increases Stock Position in NOV Inc. (NYSE:NOV)

Hennessy Advisors Inc. raised its position in NOV Inc. (NYSE:NOV) by 42.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,400 shares of the oil and gas exploration company’s stock after acquiring an additional 10,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in NOV were worth $488,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOV. Quarry LP bought a new position in NOV during the 3rd quarter valued at approximately $36,000. American National Bank & Trust bought a new position in shares of NOV during the third quarter valued at approximately $39,000. International Assets Investment Management LLC boosted its holdings in NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after acquiring an additional 2,735 shares in the last quarter. Brooklyn Investment Group bought a new stake in NOV in the third quarter valued at $48,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in NOV during the 2nd quarter valued at $78,000. 93.27% of the stock is owned by institutional investors.

NOV Stock Performance

Shares of NOV opened at $15.64 on Friday. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 5.77, a P/E/G ratio of 0.90 and a beta of 1.66. The business’s fifty day simple moving average is $15.28 and its two-hundred day simple moving average is $16.50. NOV Inc. has a 12 month low of $13.94 and a 12 month high of $21.23. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a $0.075 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.92%. NOV’s dividend payout ratio is presently 11.07%.

Insider Activity at NOV

In other NOV news, Director David D. Harrison sold 1,784 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the sale, the director now directly owns 110,951 shares in the company, valued at approximately $1,786,311.10. The trade was a 1.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.85% of the stock is owned by insiders.

Analysts Set New Price Targets

NOV has been the topic of several research analyst reports. Piper Sandler began coverage on shares of NOV in a research report on Thursday, December 19th. They set a “neutral” rating and a $17.00 price target on the stock. Evercore ISI reissued an “in-line” rating and issued a $18.00 target price (down previously from $25.00) on shares of NOV in a research report on Wednesday. JPMorgan Chase & Co. lowered their target price on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Barclays decreased their price objective on NOV from $16.00 to $12.00 and set an “underweight” rating for the company in a report on Wednesday, December 18th. Finally, Seaport Res Ptn cut shares of NOV from a “strong-buy” rating to a “hold” rating in a report on Sunday, January 5th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.00.

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.