Pictet Asset Management SA Increases Holdings in NOV Inc. (NYSE:NOV)

Posted by on Aug 27th, 2023

Pictet Asset Management SA increased its position in NOV Inc. (NYSE:NOV – Free Report) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,248 shares of the oil and gas exploration company’s stock after purchasing an additional 1,155 shares during the quarter. Pictet Asset Management SA’s holdings in NOV were worth $893,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in NOV by 16.6% during the 1st quarter. JPMorgan Chase & Co. now owns 762,999 shares of the oil and gas exploration company’s stock worth $14,961,000 after acquiring an additional 108,845 shares in the last quarter. Raymond James & Associates increased its holdings in shares of NOV by 15.4% in the 1st quarter. Raymond James & Associates now owns 175,860 shares of the oil and gas exploration company’s stock valued at $3,449,000 after acquiring an additional 23,430 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of NOV by 8.4% in the 1st 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 acquiring an additional 1,079 shares in the last quarter. US Bancorp DE lifted its stake in shares of NOV by 2.0% during the 1st quarter. US Bancorp DE now owns 39,557 shares of the oil and gas exploration company’s stock worth $777,000 after purchasing an additional 788 shares during the last quarter. Finally, HighTower Advisors LLC boosted its position in NOV by 7.8% during the first quarter. HighTower Advisors LLC now owns 40,976 shares of the oil and gas exploration company’s stock valued at $801,000 after purchasing an additional 2,962 shares in the last quarter. Institutional investors own 92.60% of the company’s stock.

NOV Stock Down 0.3 %

NYSE:NOV opened at $20.12 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.43. The company’s fifty day moving average price is $18.44 and its 200-day moving average price is $18.26. NOV Inc. has a 1-year low of $14.05 and a 1-year high of $24.83. The firm has a market capitalization of $7.92 billion, a P/E ratio of 19.16, a PEG ratio of 0.29 and a beta of 1.92.

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

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend is Thursday, September 14th. NOV’s dividend payout ratio is currently 19.05%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. StockNews.com began coverage on shares of NOV in a research report on Thursday, August 17th. They set a “hold” rating for the company. Citigroup lifted their price target on shares of NOV from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Monday, July 31st. Morgan Stanley increased their price objective on NOV from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Monday, July 31st. Raymond James increased their price target on NOV from $27.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday, July 31st. Finally, The Goldman Sachs Group increased their price objective 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. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, NOV has an average rating of “Hold” and a consensus target price of $23.81.

Read Our Latest Research Report on NOV

About NOV

(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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