Invesco Ltd. Cuts Stock Holdings in NOV Inc. (NYSE:NOV)

Invesco Ltd. decreased its holdings in NOV Inc. (NYSE:NOV) by 62.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,384,777 shares of the oil and gas exploration company’s stock after selling 2,260,257 shares during the period. Invesco Ltd. owned about 0.36% of NOV worth $20,218,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cerity Partners LLC grew its holdings in NOV by 101.8% in the fourth quarter. Cerity Partners LLC now owns 129,610 shares of the oil and gas exploration company’s stock worth $1,906,000 after purchasing an additional 65,370 shares during the last quarter. Aristides Capital LLC grew its stake in NOV by 12.1% during the 4th quarter. Aristides Capital LLC now owns 33,630 shares of the oil and gas exploration company’s stock worth $491,000 after buying an additional 3,630 shares during the last quarter. Huntington National Bank raised its stake in NOV by 88.7% in the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock valued at $32,000 after buying an additional 1,034 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of NOV by 1.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 308,080 shares of the oil and gas exploration company’s stock worth $4,498,000 after acquiring an additional 5,019 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of NOV during the fourth quarter valued at about $70,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on NOV. Piper Sandler boosted their target price on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Royal Bank of Canada raised NOV from a “sector perform” rating to an “outperform” rating and set a $22.00 price target for the company in a research report on Monday, March 24th. Stifel Nicolaus cut their price objective on NOV from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Susquehanna dropped their target price on NOV from $21.00 to $19.00 and set a “positive” rating on the stock in a research report on Monday, April 14th. Finally, Seaport Res Ptn lowered shares of NOV from a “strong-buy” rating to a “hold” rating in a research report on Sunday, January 5th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, NOV presently has an average rating of “Hold” and an average target price of $19.00.

NOV Stock Up 3.9 %

NOV opened at $12.52 on Friday. The company has a fifty day moving average of $14.17 and a two-hundred day moving average of $14.98. 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 fifty-two week low of $10.84 and a fifty-two week high of $21.20. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 1.02 and a beta of 1.35.

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

NOV Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.075 per share. The ex-dividend date was Friday, March 14th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.40%. NOV’s dividend payout ratio (DPR) is 18.63%.

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.