NOV Inc. (NYSE:NOV) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in shares of NOV Inc. (NYSE:NOV) by 9.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,993,229 shares of the oil and gas exploration company’s stock after selling 937,011 shares during the period. Bank of New York Mellon Corp owned about 2.31% of NOV worth $131,301,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Pzena Investment Management LLC raised its holdings in NOV by 22.3% in the third quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock valued at $687,143,000 after acquiring an additional 7,851,220 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in NOV by 23.1% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 37,153,173 shares of the oil and gas exploration company’s stock valued at $593,336,000 after acquiring an additional 6,963,660 shares in the last quarter. Pacer Advisors Inc. raised its holdings in NOV by 12,344.0% in the fourth quarter. Pacer Advisors Inc. now owns 12,309,433 shares of the oil and gas exploration company’s stock valued at $179,718,000 after acquiring an additional 12,210,514 shares in the last quarter. Van ECK Associates Corp raised its holdings in NOV by 22.1% in the fourth quarter. Van ECK Associates Corp now owns 5,182,044 shares of the oil and gas exploration company’s stock valued at $75,658,000 after acquiring an additional 938,866 shares in the last quarter. Finally, Greenhaven Associates Inc. raised its holdings in NOV by 61.7% in the fourth quarter. Greenhaven Associates Inc. now owns 3,291,042 shares of the oil and gas exploration company’s stock valued at $48,049,000 after acquiring an additional 1,255,666 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NOV shares. Raymond James upped 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. Royal Bank of Canada upped their price target on shares of NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a report on Thursday, February 6th. ATB Capital reaffirmed a “sector perform” rating and issued a $19.00 price target on shares of NOV in a report on Tuesday, December 10th. Piper Sandler boosted their target price on shares of NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Finally, Evercore ISI reiterated an “in-line” rating and set a $18.00 target price (down previously from $25.00) on shares of NOV in a research note on Wednesday, January 15th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.60.

NOV Stock Down 0.4 %

NOV stock opened at $14.93 on Friday. The company has a 50-day simple moving average of $15.01 and a 200-day simple moving average of $15.79. The firm has a market capitalization of $5.68 billion, a P/E ratio of 9.27, a P/E/G ratio of 1.02 and a beta of 1.64. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 2.46. NOV Inc. has a one year low of $13.94 and a one year high of $21.20.

NOV (NYSE:NOV) last released its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. As a group, equities analysts expect that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Friday, March 14th. NOV’s payout ratio is currently 18.63%.

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.