Retirement Systems of Alabama Sells 484,229 Shares of NOV Inc. (NYSE:NOV)

Retirement Systems of Alabama reduced its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 50.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 478,259 shares of the oil and gas exploration company's stock after selling 484,229 shares during the quarter. Retirement Systems of Alabama owned 0.12% of NOV worth $7,638,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its stake in NOV by 70.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,631 shares of the oil and gas exploration company's stock worth $335,000 after purchasing an additional 7,303 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in NOV by 7.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 18,960 shares of the oil and gas exploration company's stock valued at $360,000 after buying an additional 1,261 shares during the last quarter. Raymond James & Associates boosted its position in NOV by 3.1% during the 2nd quarter. Raymond James & Associates now owns 248,230 shares of the oil and gas exploration company's stock valued at $4,719,000 after buying an additional 7,506 shares during the period. Hennion & Walsh Asset Management Inc. bought a new stake in NOV in the 2nd quarter worth $270,000. Finally, Pallas Capital Advisors LLC purchased a new position in shares of NOV in the second quarter valued at about $327,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Insider Activity

In related news, Director David D. Harrison sold 1,784 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total transaction of $28,722.40. Following the sale, the director now directly owns 110,951 shares of the company's stock, valued at approximately $1,786,311.10. This represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.85% of the company's stock.

NOV Stock Down 2.5 %

Shares of NOV traded down $0.37 during mid-day trading on Wednesday, reaching $14.19. The company had a trading volume of 6,665,533 shares, compared to its average volume of 3,736,943. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of 5.24, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66. The firm has a 50-day moving average price of $15.74 and a 200 day moving average price of $17.02. NOV Inc. has a 52 week low of $14.09 and a 52 week high of $21.23.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a $0.075 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.11%. NOV's dividend payout ratio is currently 11.07%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NOV. Atb Cap Markets downgraded NOV from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 10th. Morgan Stanley reduced their target price on NOV from $25.00 to $23.00 and set an "overweight" rating on the stock in a research note on Monday, September 16th. Wells Fargo & Company dropped their price target on NOV from $16.00 to $15.00 and set an "underweight" rating for the company in a research note on Monday, November 4th. Bank of America reduced their price objective on shares of NOV from $22.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, October 14th. Finally, ATB Capital reaffirmed a "sector perform" rating and issued a $19.00 target price on shares of NOV in a research report on Tuesday, December 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $20.36.

NOV Company 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.