Bank of New York Mellon Corp Buys 3,989,095 Shares of NOV Inc. (NYSE:NOV)

Bank of New York Mellon Corp raised its stake in NOV Inc. (NYSE:NOV) by 67.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,928,911 shares of the oil and gas exploration company’s stock after acquiring an additional 3,989,095 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.51% of NOV worth $188,749,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. CWM LLC grew its stake in NOV by 10.8% in the 4th 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. Wedmont Private Capital raised its stake in shares of NOV by 5.2% during the 1st quarter. Wedmont Private Capital now owns 12,992 shares of the oil and gas exploration company’s stock valued at $263,000 after purchasing an additional 643 shares during the period. Mather Group LLC. boosted its stake in NOV by 17.2% in the 2nd quarter. Mather Group LLC. now owns 5,706 shares of the oil and gas exploration company’s stock worth $111,000 after purchasing an additional 839 shares during the period. GAMMA Investing LLC grew its holdings in NOV by 18.2% during the 2nd quarter. GAMMA Investing LLC now owns 5,496 shares of the oil and gas exploration company’s stock valued at $104,000 after buying an additional 848 shares in the last quarter. Finally, Quadrature Capital Ltd increased its position in shares of NOV by 3.1% during the first quarter. Quadrature Capital Ltd now owns 29,481 shares of the oil and gas exploration company’s stock valued at $576,000 after buying an additional 889 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Trading Up 0.1 %

NOV stock traded up $0.01 during trading on Monday, reaching $18.01. The company had a trading volume of 1,673,290 shares, compared to its average volume of 3,664,747. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. NOV Inc. has a 52 week low of $16.77 and a 52 week high of $21.91. The business has a 50 day moving average of $18.47 and a 200 day moving average of $18.43. The company has a market cap of $7.12 billion, a P/E ratio of 7.24, a PEG ratio of 0.59 and a beta of 1.70.

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

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Friday, September 13th. NOV’s dividend payout ratio (DPR) is presently 12.05%.

Analyst Upgrades and Downgrades

NOV has been the topic of a number of analyst reports. Barclays upped their target price on shares of NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Piper Sandler dropped their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Royal Bank of Canada restated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a research note on Monday, July 29th. Bank of America cut their price objective on NOV from $24.00 to $22.00 and set a “buy” rating for the company in a report on Monday, July 15th. Finally, Benchmark reaffirmed a “hold” rating on shares of NOV in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, five have given 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.58.

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.