State Street Corp Sells 288,992 Shares of NOV Inc. (NYSE:NOV)

State Street Corp reduced its position in NOV Inc. (NYSE:NOV - Free Report) by 2.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,691,592 shares of the oil and gas exploration company's stock after selling 288,992 shares during the quarter. State Street Corp owned 3.26% of NOV worth $202,685,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Rothschild Investment LLC purchased a new stake in shares of NOV during the second quarter worth about $28,000. Quarry LP purchased a new stake in shares of NOV in the 3rd quarter worth about $36,000. American National Bank & Trust bought a new stake in NOV during the third quarter worth about $39,000. International Assets Investment Management LLC increased its stake in shares of NOV by 1,590.1% during the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company's stock valued at $46,000 after purchasing an additional 2,735 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of NOV during the third quarter valued at approximately $48,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Stock Performance

NOV stock traded down $0.12 during trading on Friday, reaching $14.98. The stock had a trading volume of 4,663,395 shares, compared to its average volume of 3,709,524. The stock's 50 day moving average is $15.84 and its two-hundred day moving average is $17.11. The firm has a market cap of $5.83 billion, a PE ratio of 5.53, a PEG ratio of 0.89 and a beta of 1.66. NOV Inc. has a 52 week low of $14.83 and a 52 week high of $21.23. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date is Friday, December 6th. NOV's payout ratio is 11.07%.

Insider Activity at NOV

In related news, Director David D. Harrison sold 1,784 shares of NOV stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total transaction of $28,722.40. Following the transaction, the director now directly owns 110,951 shares in the company, valued at approximately $1,786,311.10. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.85% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on NOV shares. Barclays reduced their price objective on NOV from $17.00 to $16.00 and set an "underweight" rating for the company in a research report on Tuesday, October 29th. Wells Fargo & Company reduced their price target on NOV from $16.00 to $15.00 and set an "underweight" rating for the company in a report on Monday, November 4th. Bank of America dropped their price target on shares of NOV from $22.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, October 14th. BMO Capital Markets decreased their target price on shares of NOV from $22.00 to $20.00 and set a "market perform" rating for the company in a report on Thursday, October 10th. Finally, Susquehanna dropped their target price on shares of NOV from $22.00 to $21.00 and set a "positive" rating on the stock in a research note on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $20.64.

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.