Envestnet Asset Management Inc. Reduces Stock Position in NOV Inc. (NYSE:NOV)

Envestnet Asset Management Inc. lowered its stake in NOV Inc. (NYSE:NOV - Free Report) by 9.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 581,168 shares of the oil and gas exploration company's stock after selling 59,515 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.15% of NOV worth $8,485,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of NOV. Huntington National Bank grew its holdings in NOV by 88.7% during the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company's stock worth $32,000 after purchasing an additional 1,034 shares during the period. UMB Bank n.a. grew its holdings in NOV by 222.3% during the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company's stock worth $34,000 after purchasing an additional 1,612 shares during the period. Signaturefd LLC grew its holdings in NOV by 41.3% during the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock worth $38,000 after purchasing an additional 756 shares during the period. CoreFirst Bank & Trust bought a new position in NOV during the fourth quarter worth about $41,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in NOV during the fourth quarter worth about $42,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on NOV shares. Raymond James lifted their price target on NOV from $18.00 to $19.00 and gave the stock an "outperform" rating in a report on Thursday, February 6th. Piper Sandler boosted their price objective on NOV from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. The Goldman Sachs Group decreased their target price on NOV from $16.00 to $13.00 and set a "sell" rating on the stock in a research report on Thursday, April 10th. Evercore ISI reiterated an "in-line" rating and issued a $18.00 target price (down previously from $25.00) on shares of NOV in a research report on Wednesday, January 15th. Finally, Seaport Res Ptn cut 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 issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $19.00.

NOV Price Performance

NOV stock traded up $0.31 during mid-day trading on Thursday, hitting $12.32. The stock had a trading volume of 573,087 shares, compared to its average volume of 3,877,089. The firm has a market capitalization of $4.67 billion, a P/E ratio of 7.65, a P/E/G ratio of 1.02 and a beta of 1.35. 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 firm's 50 day moving average is $13.95 and its 200 day moving average is $14.90. NOV Inc. has a one year low of $10.84 and a one year high of $21.20.

NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share 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%. On average, sell-side analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend was Friday, March 14th. NOV's dividend payout ratio is currently 18.63%.

NOV 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.