Nordea Investment Management AB Makes New Investment in NOV Inc. (NYSE:NOV)

Nordea Investment Management AB purchased a new stake in NOV Inc. (NYSE:NOV - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 171,493 shares of the oil and gas exploration company's stock, valued at approximately $2,514,000.

Several other institutional investors also recently modified their holdings of NOV. Wedbush Securities Inc. increased its holdings in shares of NOV by 10.6% in the second quarter. Wedbush Securities Inc. now owns 13,692 shares of the oil and gas exploration company's stock valued at $260,000 after buying an additional 1,317 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in NOV by 41.4% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 129,959 shares of the oil and gas exploration company's stock valued at $2,471,000 after purchasing an additional 38,044 shares during the period. Envestnet Asset Management Inc. raised its stake in NOV by 1.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 754,490 shares of the oil and gas exploration company's stock valued at $14,343,000 after purchasing an additional 9,692 shares during the period. WINTON GROUP Ltd raised its stake in NOV by 1,866.3% during the 2nd quarter. WINTON GROUP Ltd now owns 841,078 shares of the oil and gas exploration company's stock valued at $15,989,000 after purchasing an additional 798,303 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in NOV by 18.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 454,060 shares of the oil and gas exploration company's stock valued at $8,632,000 after purchasing an additional 71,047 shares during the period. Institutional investors own 93.27% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NOV. Barclays cut their target price on shares of NOV from $16.00 to $12.00 and set an "underweight" rating on the stock in a research note on Wednesday, December 18th. JPMorgan Chase & Co. cut their target price on shares of NOV from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, October 3rd. TD Cowen cut their target price on shares of NOV from $28.00 to $22.00 and set a "buy" rating on the stock in a research note on Monday, October 28th. Morgan Stanley cut their target price on shares of NOV from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Monday, September 16th. Finally, Wells Fargo & Company lowered their price target on shares of NOV from $16.00 to $15.00 and set an "underweight" rating on the stock in a report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $20.14.

NOV Stock Down 0.7 %

NYSE:NOV traded down $0.10 during trading hours on Friday, reaching $14.52. The company's stock had a trading volume of 3,217,113 shares, compared to its average volume of 2,645,769. The company has a market cap of $5.65 billion, a price-to-earnings ratio of 5.36, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66. NOV Inc. has a one year low of $13.94 and a one year high of $21.23. The business's 50-day moving average is $15.37 and its 200-day moving average is $16.61. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date of this dividend was Friday, December 6th. NOV's dividend payout ratio is presently 11.07%.

Insider Buying and Selling

In other NOV news, Director David D. Harrison sold 1,784 shares of the business's stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the transaction, the director now owns 110,951 shares of the company's stock, valued at $1,786,311.10. The trade was a 1.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.85% of the stock is currently owned by corporate insiders.

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.