Summit Financial LLC Invests $873,000 in NOV Inc. (NYSE:NOV)

Summit Financial LLC purchased a new stake in NOV Inc. (NYSE:NOV - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 59,777 shares of the oil and gas exploration company's stock, valued at approximately $873,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pacer Advisors Inc. lifted its stake in NOV by 12,344.0% in the fourth quarter. Pacer Advisors Inc. now owns 12,309,433 shares of the oil and gas exploration company's stock valued at $179,718,000 after buying an additional 12,210,514 shares during the last quarter. First Pacific Advisors LP acquired a new stake in NOV during the 4th quarter worth $39,495,000. Weiss Asset Management LP purchased a new position in NOV during the 3rd quarter worth $35,709,000. Greenhaven Associates Inc. increased its stake in NOV by 61.7% in the fourth quarter. Greenhaven Associates Inc. now owns 3,291,042 shares of the oil and gas exploration company's stock valued at $48,049,000 after purchasing an additional 1,255,666 shares during the period. Finally, Van ECK Associates Corp increased its stake in NOV by 22.1% in the fourth quarter. Van ECK Associates Corp now owns 5,182,044 shares of the oil and gas exploration company's stock valued at $75,658,000 after purchasing an additional 938,866 shares during the period. Institutional investors and hedge funds own 93.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NOV shares. ATB Capital reissued a "sector perform" rating and set a $19.00 price target on shares of NOV in a report on Tuesday, December 10th. Piper Sandler boosted their target price on NOV from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Seaport Res Ptn downgraded NOV from a "strong-buy" rating to a "hold" rating in a report on Sunday, January 5th. Evercore ISI reissued an "in-line" rating and issued a $18.00 price objective (down from $25.00) on shares of NOV in a research note on Wednesday, January 15th. Finally, Royal Bank of Canada upgraded shares of NOV from a "sector perform" rating to an "outperform" rating and set a $22.00 target price for the company in a research note on Monday, March 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, NOV currently has a consensus rating of "Hold" and a consensus target price of $19.60.

Remove Ads

NOV Stock Up 0.6 %

Shares of NYSE:NOV traded up $0.08 during midday trading on Monday, hitting $12.05. 2,507,259 shares of the company's stock traded hands, compared to its average volume of 3,780,182. NOV Inc. has a twelve month low of $10.87 and a twelve month high of $21.20. The company has a market cap of $4.59 billion, a PE ratio of 7.48, a P/E/G ratio of 1.02 and a beta of 1.34. 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's fifty day moving average price is $14.91 and its two-hundred day moving average price is $15.32.

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

NOV Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a $0.075 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.49%. NOV's dividend payout ratio (DPR) is presently 18.63%.

About NOV

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.