Principal Financial Group Inc. Decreases Stock Position in NOV Inc. (NYSE:NOV)

Principal Financial Group Inc. decreased its holdings in shares of NOV Inc. (NYSE:NOV - Free Report) by 2.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 892,218 shares of the oil and gas exploration company's stock after selling 19,192 shares during the period. Principal Financial Group Inc. owned 0.23% of NOV worth $13,026,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. UMB Bank n.a. increased 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 valued at $34,000 after buying an additional 1,612 shares during the period. Quarry LP purchased a new position in shares of NOV in the 3rd quarter valued at $36,000. R Squared Ltd bought a new position in shares of NOV in the 4th quarter worth $44,000. International Assets Investment Management LLC lifted its stake in shares of NOV by 1,590.1% during the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company's stock worth $46,000 after purchasing an additional 2,735 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in NOV during the third quarter valued at about $48,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on NOV shares. Barclays increased their price target on shares of NOV from $12.00 to $13.00 and gave the company an "underweight" rating in a research report on Tuesday, February 18th. Raymond James increased their target price on shares of NOV from $18.00 to $19.00 and gave the company an "outperform" rating in a research report on Thursday, February 6th. ATB Capital reaffirmed a "sector perform" rating and issued a $19.00 price target on shares of NOV in a report on Tuesday, December 10th. Royal Bank of Canada increased their price objective on NOV from $21.00 to $22.00 and gave the company a "sector perform" rating in a report on Thursday, February 6th. Finally, Seaport Res Ptn downgraded NOV from a "strong-buy" rating to a "hold" rating in a research note on Sunday, January 5th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $19.60.

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NOV Stock Performance

NYSE:NOV traded down $0.74 during mid-day trading on Monday, hitting $14.19. The company's stock had a trading volume of 2,262,847 shares, compared to its average volume of 3,855,963. The business's fifty day moving average is $15.01 and its two-hundred day moving average is $15.76. The stock has a market cap of $5.40 billion, a price-to-earnings ratio of 8.79, a PEG ratio of 1.02 and a beta of 1.64. NOV Inc. has a 1 year low of $13.94 and a 1 year high of $21.20. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.64.

NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, topping 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%. Analysts anticipate that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, March 14th. This represents a $0.30 annualized dividend and a yield of 2.11%. NOV's dividend payout ratio is presently 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.