NOV Inc. (NYSE:NOV) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. reduced its position in shares of NOV Inc. (NYSE:NOV) by 17.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 93,905 shares of the oil and gas exploration company’s stock after selling 19,438 shares during the period. Edgestream Partners L.P.’s holdings in NOV were worth $1,506,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Covestor Ltd grew its holdings in NOV by 94.4% during the first quarter. Covestor Ltd now owns 1,287 shares of the oil and gas exploration company’s stock worth $25,000 after acquiring an additional 625 shares during the period. Ellevest Inc. grew its holdings in NOV by 92.4% during the first quarter. Ellevest Inc. now owns 1,599 shares of the oil and gas exploration company’s stock worth $30,000 after acquiring an additional 768 shares during the period. Acadian Asset Management LLC purchased a new position in NOV in the 1st quarter worth about $34,000. Belpointe Asset Management LLC increased its stake in NOV by 66.0% in the 1st quarter. Belpointe Asset Management LLC now owns 2,491 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 990 shares in the last quarter. Finally, Quarry LP purchased a new position in NOV in the 1st quarter worth about $53,000. 93.19% of the stock is owned by institutional investors and hedge funds.

NOV Stock Down 0.9 %

Shares of NOV stock opened at $19.27 on Tuesday. The firm has a market cap of $7.59 billion, a price-to-earnings ratio of 15.29, a P/E/G ratio of 0.28 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.43. NOV Inc. has a 52-week low of $14.05 and a 52-week high of $24.83. The stock has a 50-day simple moving average of $20.06 and a 200-day simple moving average of $18.54.

NOV (NYSE:NOV) last announced its quarterly earnings results on Thursday, October 26th. The oil and gas exploration company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.06). The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.13 billion. NOV had a net margin of 6.00% and a return on equity of 9.28%. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.08 earnings per share. On average, equities research analysts expect that NOV Inc. will post 1.41 earnings per share for the current fiscal year.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Friday, December 8th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.20 annualized dividend and a dividend yield of 1.04%. NOV’s dividend payout ratio is 15.87%.

Analyst Ratings Changes

NOV has been the topic of a number of analyst reports. StockNews.com raised NOV from a “sell” rating to a “hold” rating in a research note on Tuesday, November 14th. Raymond James lifted their price target on NOV from $28.00 to $29.00 and gave the stock an “outperform” rating in a research note on Monday, October 30th. Citigroup lifted their price target on NOV from $21.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, July 31st. Piper Sandler dropped their price target on NOV from $21.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, July 31st. Finally, The Goldman Sachs Group raised their price objective on NOV from $16.00 to $18.00 and gave the stock a “sell” rating in a research report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, NOV presently has an average rating of “Hold” and a consensus price target of $24.00.

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 worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.