NOV Inc. (NYSE:NOV) Shares Sold by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC cut its position in NOV Inc. (NYSE:NOV) by 8.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,761 shares of the oil and gas exploration company’s stock after selling 975 shares during the quarter. Gateway Investment Advisers LLC’s holdings in NOV were worth $210,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of NOV. Rise Advisors LLC acquired a new stake in shares of NOV in the first quarter valued at $26,000. Bruce G. Allen Investments LLC purchased a new position in NOV in the fourth quarter valued at $49,000. GAMMA Investing LLC purchased a new position in NOV in the fourth quarter valued at $61,000. International Assets Investment Management LLC boosted its holdings in NOV by 1,306.5% in the fourth quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock valued at $71,000 after purchasing an additional 3,240 shares during the period. Finally, Principal Securities Inc. purchased a new position in NOV in the fourth quarter valued at $97,000. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Stock Performance

Shares of NOV stock opened at $18.85 on Thursday. The stock has a market capitalization of $7.46 billion, a PE ratio of 7.57, a price-to-earnings-growth ratio of 0.59 and a beta of 1.70. NOV Inc. has a 52-week low of $15.17 and a 52-week high of $21.91. The stock’s 50-day moving average price is $18.43 and its 200 day moving average price is $18.82. The company has a quick ratio of 1.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.28.

NOV (NYSE:NOV) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.03. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. NOV had a return on equity of 10.21% and a net margin of 11.23%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 EPS. As a group, equities research analysts forecast that NOV Inc. will post 1.56 EPS for the current year.

NOV Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.075 per share. This is a boost from NOV’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.30 annualized dividend and a yield of 1.59%. NOV’s payout ratio is presently 12.05%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Susquehanna reiterated a “positive” rating and issued a $26.00 target price on shares of NOV in a report on Monday, April 8th. TD Cowen decreased their price target on NOV from $27.00 to $26.00 and set a “buy” rating for the company in a report on Monday, April 29th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.07.

NOV Profile

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.