Pzena Investment Management LLC Boosts Position in NOV Inc. (NYSE:NOV)

Pzena Investment Management LLC grew its stake in shares of NOV Inc. (NYSE:NOV) by 0.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,175,886 shares of the oil and gas exploration company’s stock after buying an additional 103,238 shares during the period. NOV accounts for approximately 2.4% of Pzena Investment Management LLC’s portfolio, making the stock its 19th largest holding. Pzena Investment Management LLC owned approximately 8.93% of NOV worth $668,694,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOV. Boston Partners bought a new stake in NOV during the 1st quarter worth approximately $119,686,000. Balyasny Asset Management L.P. raised its position in shares of 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 buying an additional 5,456,581 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of NOV by 67.2% in the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after buying an additional 3,989,095 shares in the last quarter. SG Americas Securities LLC grew its position in NOV by 779.9% during the first quarter. SG Americas Securities LLC now owns 858,823 shares of the oil and gas exploration company’s stock worth $16,764,000 after buying an additional 761,219 shares in the last quarter. Finally, Ariel Investments LLC increased its stake in NOV by 33.5% in the 1st quarter. Ariel Investments LLC now owns 2,122,818 shares of the oil and gas exploration company’s stock worth $41,437,000 after acquiring an additional 533,052 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Trading Down 3.3 %

NYSE:NOV opened at $17.19 on Wednesday. The firm has a market capitalization of $6.80 billion, a P/E ratio of 6.90, a P/E/G ratio of 0.53 and a beta of 1.70. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average of $18.39 and a 200 day moving average of $18.46. NOV Inc. has a 52 week low of $16.77 and a 52 week high of $21.91.

NOV (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.35 by $0.22. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. NOV had a net margin of 11.88% and a return on equity of 10.97%. The company’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 earnings per share. On average, research analysts predict that NOV Inc. will post 1.63 earnings per share for the current year.

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Friday, September 13th. NOV’s payout ratio is 12.05%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Bank of America decreased their price target on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Piper Sandler reduced their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. TD Cowen boosted their target price on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $24.00 target price on shares of NOV in a research note on Monday, July 29th. Finally, Benchmark reissued a “hold” rating on shares of NOV in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, NOV presently has an average rating of “Moderate Buy” and an average price target of $24.58.

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.