American International Group Inc. Sells 10,659 Shares of NOV Inc. (NYSE:NOV)

American International Group Inc. cut its holdings in NOV Inc. (NYSE:NOV) by 2.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 521,432 shares of the oil and gas exploration company’s stock after selling 10,659 shares during the period. American International Group Inc.’s holdings in NOV were worth $10,178,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in NOV. Balyasny Asset Management L.P. raised its position in NOV by 769.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock worth $125,048,000 after acquiring an additional 5,456,581 shares during the period. Pzena Investment Management LLC raised its position in shares of NOV by 12.7% during the 1st quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock valued at $684,618,000 after purchasing an additional 3,946,504 shares during the period. SG Americas Securities LLC raised its position in shares of NOV by 779.9% during the 1st quarter. SG Americas Securities LLC now owns 858,823 shares of the oil and gas exploration company’s stock valued at $16,764,000 after purchasing an additional 761,219 shares during the period. Schroder Investment Management Group raised its position in shares of NOV by 71.3% during the 4th quarter. Schroder Investment Management Group now owns 1,092,422 shares of the oil and gas exploration company’s stock valued at $22,154,000 after purchasing an additional 454,665 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of NOV by 95.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after purchasing an additional 429,104 shares during the period. 93.27% of the stock is currently owned by institutional investors.

NOV Trading Up 3.7 %

NOV traded up $0.67 on Thursday, reaching $18.92. 1,787,132 shares of the company traded hands, compared to its average volume of 3,649,793. NOV Inc. has a one year low of $16.77 and a one year high of $21.91. The firm has a fifty day simple moving average of $18.36 and a two-hundred day simple moving average of $18.61. The company has a market cap of $7.48 billion, a P/E ratio of 7.33, a price-to-earnings-growth ratio of 0.58 and a beta of 1.70. 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 announced its quarterly earnings data on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share 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 during the quarter, compared to analyst estimates of $2.11 billion. During the same quarter last year, the business posted $0.32 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, equities research analysts expect that NOV Inc. will post 1.55 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. Stockholders of record on Friday, June 14th were issued a $0.075 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.30 annualized dividend and a dividend yield of 1.59%. This is a positive change from NOV’s previous quarterly dividend of $0.05. NOV’s payout ratio is currently 12.05%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. TD Cowen decreased their price objective on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Susquehanna restated a “positive” rating and set a $26.00 price objective on shares of NOV in a research report on Monday, April 8th. Piper Sandler cut their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Finally, Bank of America cut their target price on shares of NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, NOV presently has an average rating of “Hold” and a consensus target price of $24.07.

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.