NOV Inc. (NYSE:NOV) Shares Sold by Swiss National Bank

Posted by on Aug 23rd, 2023

Swiss National Bank trimmed its holdings in NOV Inc. (NYSE:NOV – Free Report) by 10.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 847,800 shares of the oil and gas exploration company’s stock after selling 100,700 shares during the period. Swiss National Bank owned 0.22% of NOV worth $15,693,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOV. Ossiam acquired a new stake in NOV in the 4th quarter valued at about $27,000. Covestor Ltd increased its holdings in shares of NOV by 94.4% in the first quarter. Covestor Ltd now owns 1,287 shares of the oil and gas exploration company’s stock valued at $25,000 after purchasing an additional 625 shares during the last quarter. Belpointe Asset Management LLC purchased a new position in NOV during the fourth quarter worth approximately $31,000. Ellevest Inc. boosted its stake in NOV by 92.4% during the first quarter. Ellevest Inc. now owns 1,599 shares of the oil and gas exploration company’s stock worth $30,000 after buying an additional 768 shares during the last quarter. Finally, CoreCap Advisors LLC purchased a new stake in NOV in the 4th quarter valued at $63,000. 92.60% of the stock is owned by hedge funds and other institutional investors.

NOV Stock Performance

NYSE:NOV opened at $20.24 on Wednesday. The company has a market cap of $7.97 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 0.30 and a beta of 1.92. The company has a quick ratio of 1.43, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. NOV Inc. has a 52 week low of $14.05 and a 52 week high of $24.83. The company has a fifty day simple moving average of $18.16 and a two-hundred day simple moving average of $18.29.

NOV (NYSE:NOV – Get Free Report) last released its earnings results on Wednesday, July 26th. The oil and gas exploration company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.29 by $0.10. The firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.07 billion. NOV had a return on equity of 7.99% and a net margin of 5.20%. NOV’s revenue for the quarter was up 21.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 EPS. As a group, equities analysts anticipate that NOV Inc. will post 1.47 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.20 annualized dividend and a yield of 0.99%. NOV’s dividend payout ratio (DPR) is 19.05%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NOV. Piper Sandler lowered their price target on shares of NOV from $21.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 31st. Wells Fargo & Company increased their price target on shares of NOV from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Friday, July 28th. The Goldman Sachs Group lifted their price target on shares of NOV from $16.00 to $18.00 and gave the company a “sell” rating in a research report on Wednesday, August 9th. Morgan Stanley increased their price objective on NOV from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Monday, July 31st. Finally, Stifel Nicolaus reduced their target price on NOV from $29.00 to $28.00 in a research report on Friday, April 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $23.81.

Check Out Our Latest Stock Report on NOV

NOV Company Profile

(Free Report)

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

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Institutional Ownership by Quarter for NOV (NYSE:NOV)

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