California Public Employees Retirement System Sells 33,473 Shares of NOV Inc. (NYSE:NOV)

California Public Employees Retirement System trimmed its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 4.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 734,205 shares of the oil and gas exploration company's stock after selling 33,473 shares during the quarter. California Public Employees Retirement System owned about 0.19% of NOV worth $10,719,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. UMB Bank n.a. grew its position in shares of NOV by 222.3% in the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company's stock valued at $34,000 after purchasing an additional 1,612 shares during the last quarter. Quarry LP acquired a new position in NOV in the 3rd quarter valued at $36,000. Signaturefd LLC increased its position in NOV by 41.3% during the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock worth $38,000 after buying an additional 756 shares during the period. CoreFirst Bank & Trust acquired a new stake in shares of NOV during the fourth quarter worth $41,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of NOV in the fourth quarter valued at about $42,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NOV shares. Piper Sandler raised their price target on shares of NOV from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Royal Bank of Canada raised shares of NOV from a "sector perform" rating to an "outperform" rating and set a $22.00 target price on the stock in a report on Monday, March 24th. Barclays boosted their price target on NOV from $12.00 to $13.00 and gave the company an "underweight" rating in a research note on Tuesday, February 18th. Raymond James raised their price objective on NOV from $18.00 to $19.00 and gave the stock an "outperform" rating in a research note on Thursday, February 6th. Finally, Seaport Res Ptn downgraded NOV from a "strong-buy" rating to a "hold" rating in a research report on Sunday, January 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $19.19.

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NOV Price Performance

NOV traded up $0.33 on Friday, reaching $11.86. The stock had a trading volume of 4,526,514 shares, compared to its average volume of 3,869,058. The company has a current ratio of 2.46, a quick ratio of 1.64 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 7.36, a price-to-earnings-growth ratio of 1.02 and a beta of 1.35. NOV Inc. has a fifty-two week low of $10.84 and a fifty-two week high of $21.20. The firm has a 50-day moving average of $14.54 and a 200-day moving average of $15.11.

NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. As a group, sell-side analysts anticipate that NOV Inc. will post 1.4 EPS for the current year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Friday, March 14th. NOV's dividend payout ratio is currently 18.63%.

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.