NOV Inc. (NYSE:NOV) Stock Position Raised by First Trust Advisors LP

Posted by Defense World Staff on Mar 11th, 2023

First Trust Advisors LP lifted its position in NOV Inc. (NYSE:NOV – Get Rating) by 1.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 970,712 shares of the oil and gas exploration company’s stock after acquiring an additional 15,994 shares during the quarter. First Trust Advisors LP owned approximately 0.25% of NOV worth $15,706,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in NOV. FMR LLC lifted its position in shares of NOV by 56.1% in the 2nd quarter. FMR LLC now owns 15,263,097 shares of the oil and gas exploration company’s stock valued at $258,099,000 after acquiring an additional 5,487,193 shares in the last quarter. Invesco Ltd. increased its stake in NOV by 88.0% in the 1st quarter. Invesco Ltd. now owns 5,810,818 shares of the oil and gas exploration company’s stock valued at $113,950,000 after buying an additional 2,720,566 shares during the period. Thrivent Financial for Lutherans increased its stake in NOV by 393.3% in the 2nd quarter. Thrivent Financial for Lutherans now owns 2,994,970 shares of the oil and gas exploration company’s stock valued at $50,645,000 after buying an additional 2,387,799 shares during the period. BlackRock Inc. increased its stake in NOV by 6.5% in the 1st quarter. BlackRock Inc. now owns 36,323,702 shares of the oil and gas exploration company’s stock valued at $712,308,000 after buying an additional 2,227,845 shares during the period. Finally, Encompass Capital Advisors LLC acquired a new position in NOV in the 2nd quarter valued at approximately $26,951,000. Hedge funds and other institutional investors own 94.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on NOV shares. Morgan Stanley upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $21.00 to $24.00 in a research note on Wednesday, January 4th. Raymond James started coverage on shares of NOV in a research note on Friday, December 9th. They issued an “outperform” rating and a $30.00 price objective on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 price objective on shares of NOV in a research note on Wednesday, February 8th. Cowen increased their price target on shares of NOV from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 8th. Finally, Susquehanna increased their price target on shares of NOV from $26.00 to $29.00 and gave the stock a “positive” rating in a research note on Wednesday, February 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $24.75.

Insider Buying and Selling at NOV

In other NOV news, CAO Christy Lynn Novak sold 9,607 shares of the stock in a transaction on Monday, February 27th. The shares were sold at an average price of $21.86, for a total value of $210,009.02. Following the completion of the sale, the chief accounting officer now directly owns 84,600 shares of the company’s stock, valued at approximately $1,849,356. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Christy Lynn Novak sold 9,607 shares of the firm’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $21.86, for a total transaction of $210,009.02. Following the completion of the transaction, the chief accounting officer now directly owns 84,600 shares of the company’s stock, valued at approximately $1,849,356. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eric L. Mattson sold 20,681 shares of the firm’s stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $21.90, for a total transaction of $452,913.90. Following the transaction, the director now directly owns 46,600 shares of the company’s stock, valued at $1,020,540. The disclosure for this sale can be found here. Insiders own 1.59% of the company’s stock.

NOV Stock Performance

NYSE:NOV opened at $20.20 on Friday. NOV Inc. has a 1 year low of $13.98 and a 1 year high of $24.83. The firm’s fifty day simple moving average is $22.66 and its 200 day simple moving average is $20.80. The company has a current ratio of 2.25, a quick ratio of 1.51 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $7.94 billion, a PE ratio of 51.80 and a beta of 1.90.

NOV (NYSE:NOV – Get Rating) last issued its quarterly earnings results on Monday, February 6th. The oil and gas exploration company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. NOV had a net margin of 2.14% and a return on equity of 3.09%. The firm had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same period in the prior year, the firm earned ($0.06) EPS. The business’s revenue was up 36.7% on a year-over-year basis. On average, sell-side analysts anticipate that NOV Inc. will post 1.18 EPS for the current year.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 17th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Thursday, March 16th. NOV’s dividend payout ratio (DPR) is presently 51.28%.

NOV Company Profile

(Get Rating)

NOV, Inc provides equipment and technology to the upstream oil and gas industry. It operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment focuses on the engineering, manufacturing, and support of advanced drilling equipment packages and related capital equipment for oil and gas wells.