State of Michigan Retirement System Sells 1,300 Shares of NOV Inc. (NYSE:NOV)

by · The Markets Daily

State of Michigan Retirement System trimmed its position in NOV Inc. (NYSE:NOV – Free Report) by 1.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,177 shares of the oil and gas exploration company’s stock after selling 1,300 shares during the period. State of Michigan Retirement System’s holdings in NOV were worth $1,346,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in NOV. UMB Bank n.a. grew its holdings in shares of NOV by 222.3% during the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after buying an additional 1,612 shares during the last quarter. Quarry LP bought a new position in NOV in the 3rd quarter valued at about $36,000. R Squared Ltd acquired a new position in NOV during the 4th quarter valued at about $44,000. Brooklyn Investment Group bought a new stake in NOV during the 3rd quarter worth approximately $48,000. Finally, Quest Partners LLC purchased a new stake in shares of NOV in the third quarter worth approximately $96,000. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Trading Up 4.6 %

Shares of NOV opened at $15.00 on Friday. The firm has a market cap of $5.71 billion, a P/E ratio of 9.32, a price-to-earnings-growth ratio of 1.02 and a beta of 1.66. NOV Inc. has a fifty-two week low of $13.77 and a fifty-two week high of $21.20. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 2.46. The business has a 50-day moving average of $15.01 and a 200 day moving average of $15.65.

NOV (NYSE:NOV – Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, beating 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, research analysts forecast that NOV Inc. will post 1.4 EPS for the current year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.30 annualized dividend and a dividend yield of 2.00%. NOV’s dividend payout ratio is currently 18.63%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on NOV shares. Atb Cap Markets downgraded NOV from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Piper Sandler upped their target price on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Barclays increased their target price on shares of NOV from $12.00 to $13.00 and gave the company an “underweight” rating in a report on Tuesday, February 18th. Seaport Res Ptn downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a research report on Sunday, January 5th. Finally, Citigroup lowered shares of NOV from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a research note on Monday, November 11th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, NOV presently has a consensus rating of “Hold” and an average target price of $19.60.

View Our Latest Analysis on NOV

About NOV

(Free Report)

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.

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