Norges Bank Purchases Shares of 547,170 NOV Inc. (NYSE:NOV)

Norges Bank purchased a new stake in NOV Inc. (NYSE:NOV - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 547,170 shares of the oil and gas exploration company's stock, valued at approximately $7,989,000. Norges Bank owned 0.14% of NOV at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of NOV. UMB Bank n.a. boosted its holdings 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 buying an additional 1,612 shares during the period. Quarry LP acquired a new position in NOV during the third quarter worth $36,000. Signaturefd LLC grew its position in shares of NOV by 41.3% in the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company's stock valued at $38,000 after acquiring an additional 756 shares during the period. CoreFirst Bank & Trust bought a new stake in shares of NOV in the 4th quarter valued at 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.

NOV Stock Performance

Shares of NYSE:NOV traded up $0.28 on Monday, hitting $12.12. 150,964 shares of the company were exchanged, compared to its average volume of 3,861,904. The company's 50 day moving average price is $14.54 and its two-hundred day moving average price is $15.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 2.46. The firm has a market capitalization of $4.62 billion, a price-to-earnings ratio of 7.47, a PEG ratio of 1.02 and a beta of 1.35. NOV Inc. has a one year low of $10.84 and a one year high of $21.20.

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NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. Research analysts expect that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a $0.075 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.30 dividend on an annualized basis and a yield of 2.48%. NOV's dividend payout ratio (DPR) is presently 18.63%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on NOV shares. Barclays raised their price objective on shares of NOV from $12.00 to $13.00 and gave the stock an "underweight" rating in a research report on Tuesday, February 18th. Royal Bank of Canada raised NOV from a "sector perform" rating to an "outperform" rating and set a $22.00 price objective on the stock in a research note on Monday, March 24th. Raymond James upped their target price on NOV from $18.00 to $19.00 and gave the stock an "outperform" rating in a report on Thursday, February 6th. Evercore ISI reissued an "in-line" rating and issued a $18.00 price target (down previously from $25.00) on shares of NOV in a research note on Wednesday, January 15th. Finally, Seaport Res Ptn downgraded NOV from a "strong-buy" rating to a "hold" rating in a research note on Sunday, January 5th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $19.19.

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.