Texas Permanent School Fund Corp Raises Holdings in NOV Inc. (NYSE:NOV)

Texas Permanent School Fund Corp increased its position in NOV Inc. (NYSE:NOV) by 2.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 344,761 shares of the oil and gas exploration company’s stock after acquiring an additional 8,398 shares during the period. Texas Permanent School Fund Corp owned approximately 0.09% of NOV worth $6,730,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Headinvest LLC purchased a new position in shares of NOV during the 3rd quarter worth $108,000. Teachers Retirement System of The State of Kentucky raised its position in NOV by 93.5% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 134,503 shares of the oil and gas exploration company’s stock valued at $2,811,000 after purchasing an additional 65,006 shares during the period. Wedmont Private Capital raised its position in NOV by 10.9% in the fourth quarter. Wedmont Private Capital now owns 12,349 shares of the oil and gas exploration company’s stock valued at $250,000 after purchasing an additional 1,210 shares during the period. Greenhaven Associates Inc. grew its stake in shares of NOV by 1.8% during the fourth quarter. Greenhaven Associates Inc. now owns 1,590,400 shares of the oil and gas exploration company’s stock valued at $32,253,000 after acquiring an additional 28,500 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of NOV during the fourth quarter valued at about $49,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Stock Performance

Shares of NOV traded up $0.16 during mid-day trading on Friday, reaching $18.52. 165,918 shares of the company’s stock traded hands, compared to its average volume of 3,723,309. The business’s 50-day moving average price is $18.35 and its 200-day moving average price is $18.72. The stock has a market capitalization of $7.33 billion, a P/E ratio of 7.37, a price-to-earnings-growth ratio of 0.55 and a beta of 1.70. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50. NOV Inc. has a 12 month low of $16.77 and a 12 month high of $21.91.

NOV (NYSE:NOV) last announced its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.27 by $0.03. NOV had a return on equity of 10.21% and a net margin of 11.23%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter in the previous year, the company earned $0.32 earnings per share. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. Equities analysts predict that NOV Inc. will post 1.56 earnings per share for the current year.

NOV Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.075 dividend. This is a positive change from NOV’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, June 14th. This represents a $0.30 annualized dividend and a yield of 1.62%. NOV’s payout ratio is 12.05%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on NOV shares. Susquehanna reiterated a “positive” rating and issued a $26.00 price target on shares of NOV in a research note on Monday, April 8th. TD Cowen decreased their price target on NOV from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $24.07.

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.