Dynasty Wealth Management LLC Buys New Stake in NOV Inc. (NYSE:NOV)

Dynasty Wealth Management LLC bought a new stake in shares of NOV Inc. (NYSE:NOV) in the first quarter, Holdings Channel reports. The fund bought 16,407 shares of the oil and gas exploration company’s stock, valued at approximately $320,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Energy Income Partners LLC raised its position in shares of NOV by 30.5% in the first quarter. Energy Income Partners LLC now owns 166,795 shares of the oil and gas exploration company’s stock worth $3,256,000 after acquiring an additional 39,025 shares during the period. Lazard Asset Management LLC raised its position in shares of NOV by 157.3% in the first quarter. Lazard Asset Management LLC now owns 8,977 shares of the oil and gas exploration company’s stock worth $175,000 after acquiring an additional 5,488 shares during the period. Quadrature Capital Ltd raised its position in shares of NOV by 3.1% in the first quarter. Quadrature Capital Ltd now owns 29,481 shares of the oil and gas exploration company’s stock worth $576,000 after acquiring an additional 889 shares during the period. Lodge Hill Capital LLC increased its stake in shares of NOV by 30.9% during the first quarter. Lodge Hill Capital LLC now owns 916,400 shares of the oil and gas exploration company’s stock worth $17,888,000 after purchasing an additional 216,400 shares in the last quarter. Finally, Ariel Investments LLC increased its stake in shares of NOV by 33.5% during the first quarter. Ariel Investments LLC now owns 2,122,818 shares of the oil and gas exploration company’s stock worth $41,437,000 after purchasing an additional 533,052 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on NOV shares. Barclays boosted their target price on shares of NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday. 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. Susquehanna reaffirmed a “positive” rating and set a $26.00 price objective on shares of NOV in a research note on Monday, April 8th. Piper Sandler dropped their price objective 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, TD Cowen upped their price objective on shares of NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.08.

NOV Stock Performance

Shares of NOV stock opened at $20.82 on Thursday. The firm has a market cap of $8.20 billion, a P/E ratio of 8.36, a P/E/G ratio of 0.62 and a beta of 1.70. NOV Inc. has a one year low of $16.77 and a one year high of $21.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. The firm’s 50 day moving average price is $18.47 and its 200-day moving average price is $18.62.

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

NOV Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.44%. This is a positive change from NOV’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, June 14th. NOV’s dividend payout ratio (DPR) 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.