Quadrature Capital Ltd Makes New $506,000 Investment in NOV Inc. (NYSE:NOV)

Posted by Defense World Staff on Mar 12th, 2023

Quadrature Capital Ltd bought a new stake in shares of NOV Inc. (NYSE:NOV – Get Rating) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 31,214 shares of the oil and gas exploration company’s stock, valued at approximately $506,000.

A number of other hedge funds also recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in shares of NOV by 16.6% in the first quarter. JPMorgan Chase & Co. now owns 762,999 shares of the oil and gas exploration company’s stock valued at $14,961,000 after buying an additional 108,845 shares during the period. Raymond James & Associates lifted its holdings in NOV by 15.4% during the first quarter. Raymond James & Associates now owns 175,860 shares of the oil and gas exploration company’s stock valued at $3,449,000 after purchasing an additional 23,430 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in NOV by 8.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 13,935 shares of the oil and gas exploration company’s stock worth $273,000 after purchasing an additional 1,079 shares during the period. US Bancorp DE raised its position in shares of NOV by 2.0% in the first quarter. US Bancorp DE now owns 39,557 shares of the oil and gas exploration company’s stock valued at $777,000 after purchasing an additional 788 shares during the period. Finally, HighTower Advisors LLC lifted its stake in shares of NOV by 7.8% during the 1st quarter. HighTower Advisors LLC now owns 40,976 shares of the oil and gas exploration company’s stock valued at $801,000 after buying an additional 2,962 shares in the last quarter. Institutional investors own 94.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Susquehanna boosted their target price on shares of NOV from $26.00 to $29.00 and gave the company a “positive” rating in a report on Wednesday, February 8th. Piper Sandler reiterated a “neutral” rating and set a $22.00 price objective on shares of NOV in a research note on Wednesday, February 8th. Benchmark assumed coverage on NOV in a report on Thursday, January 19th. They set a “buy” rating and a $28.00 target price for the company. Morgan Stanley upgraded NOV from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $21.00 to $24.00 in a research report on Wednesday, January 4th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $27.00 price objective on shares of NOV in a research note on Wednesday, February 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.75.

Insider Transactions at NOV

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

NOV Stock Performance

NOV stock opened at $20.20 on Friday. NOV Inc. has a fifty-two week low of $13.98 and a fifty-two week high of $24.83. The firm’s fifty day moving average price is $22.66 and its 200-day moving average price is $20.82. The stock has a market cap of $7.94 billion, a P/E ratio of 51.80 and a beta of 1.90. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.51 and a current ratio of 2.25.

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 (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.96 billion. NOV had a return on equity of 3.09% and a net margin of 2.14%. The company’s revenue was up 36.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.06) earnings per share. On average, equities research analysts expect that NOV Inc. will post 1.18 earnings per share for the current fiscal year.

NOV Dividend Announcement

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

NOV Profile

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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.

Institutional Ownership by Quarter for NOV (NYSE:NOV)

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