Retirement Systems of Alabama Lowers Holdings in NOV Inc. (NYSE:NOV)

Retirement Systems of Alabama lowered its stake in shares of NOV Inc. (NYSE:NOV) by 0.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 962,488 shares of the oil and gas exploration company’s stock after selling 6,484 shares during the period. Retirement Systems of Alabama’s holdings in NOV were worth $18,297,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. International Assets Investment Management LLC raised its position in NOV by 1,306.5% during the fourth quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock valued at $71,000 after acquiring an additional 3,240 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of NOV by 7.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,354 shares of the oil and gas exploration company’s stock valued at $372,000 after purchasing an additional 1,197 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in NOV by 11.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 82,331 shares of the oil and gas exploration company’s stock valued at $1,670,000 after buying an additional 8,591 shares during the period. CWM LLC increased its holdings in NOV by 10.8% in the fourth quarter. CWM LLC now owns 5,480 shares of the oil and gas exploration company’s stock valued at $111,000 after buying an additional 536 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new position in shares of NOV in the fourth quarter worth about $61,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NOV. Barclays raised their target price on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. Piper Sandler cut their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Evercore ISI upgraded NOV to a “strong-buy” rating in a research report on Friday, July 26th. Bank of America dropped their price target on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $24.00 price objective on shares of NOV in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.58.

NOV Trading Up 3.1 %

Shares of NOV opened at $18.00 on Friday. NOV Inc. has a 52-week low of $16.77 and a 52-week high of $21.91. The stock has a market cap of $7.12 billion, a PE ratio of 7.23, a price-to-earnings-growth ratio of 0.59 and a beta of 1.70. The firm’s fifty day moving average is $18.47 and its two-hundred day moving average is $18.42. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the firm posted $0.39 earnings per share. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. Research analysts forecast that NOV Inc. will post 1.61 earnings per share for the current fiscal year.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.075 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.30 annualized dividend and a dividend yield of 1.67%. NOV’s dividend payout ratio is presently 12.05%.

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.