Van ECK Associates Corp Increases Stake in NOV Inc. (NYSE:NOV)

Van ECK Associates Corp lifted its stake in NOV Inc. (NYSE:NOV) by 4.2% in the 4th quarter, HoldingsChannel reports. The fund owned 5,687,556 shares of the oil and gas exploration company’s stock after purchasing an additional 231,464 shares during the quarter. Van ECK Associates Corp’s holdings in NOV were worth $115,343,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. CWM LLC increased its holdings in NOV by 17.9% in the third quarter. CWM LLC now owns 4,944 shares of the oil and gas exploration company’s stock valued at $103,000 after buying an additional 752 shares during the last quarter. Commonwealth Equity Services LLC increased its position in NOV by 15.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 22,967 shares of the oil and gas exploration company’s stock worth $480,000 after purchasing an additional 3,129 shares in the last quarter. Raymond James & Associates boosted its stake in shares of NOV by 49.2% in the third quarter. Raymond James & Associates now owns 295,598 shares of the oil and gas exploration company’s stock valued at $6,178,000 after purchasing an additional 97,537 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of NOV by 10.1% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 17,403 shares of the oil and gas exploration company’s stock valued at $364,000 after buying an additional 1,594 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in NOV by 14.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 73,740 shares of the oil and gas exploration company’s stock valued at $1,541,000 after buying an additional 9,079 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Price Performance

NOV stock traded down $0.37 during mid-day trading on Tuesday, hitting $18.98. The company had a trading volume of 631,866 shares, compared to its average volume of 4,333,625. The company has a 50-day moving average price of $18.64 and a 200 day moving average price of $19.15. NOV Inc. has a 12-month low of $14.05 and a 12-month high of $21.91. The company has a market capitalization of $7.51 billion, a price-to-earnings ratio of 7.77, a P/E/G ratio of 0.82 and a beta of 1.74. The company has a quick ratio of 1.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.28.

NOV (NYSE:NOV) last released its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. NOV had a net margin of 11.23% and a return on equity of 10.21%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same quarter in the prior year, the firm earned $0.32 earnings per share. NOV’s revenue was up 9.8% on a year-over-year basis. On average, research analysts anticipate that NOV Inc. will post 1.52 earnings per share for the current year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date was Wednesday, March 13th. NOV’s dividend payout ratio (DPR) is 8.03%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NOV. TD Cowen cut their price objective on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday. Raymond James decreased their target price on NOV from $28.00 to $25.00 and set an “outperform” rating for the company in a research report on Monday, February 5th. Susquehanna reaffirmed a “positive” rating and issued a $26.00 price target on shares of NOV in a report on Monday, April 8th. Benchmark downgraded NOV from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Finally, Piper Sandler reduced their price target on shares of NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $24.07.

Insider Activity

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $17.43, for a total value of $61,005.00. Following the sale, the chief accounting officer now owns 114,212 shares in the company, valued at $1,990,715.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.85% of the company’s stock.

NOV Company 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.