Wedbush Securities Inc. Acquires 1,317 Shares of NOV Inc. (NYSE:NOV)

Wedbush Securities Inc. raised its holdings in shares of NOV Inc. (NYSE:NOV) by 10.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,692 shares of the oil and gas exploration company’s stock after purchasing an additional 1,317 shares during the period. Wedbush Securities Inc.’s holdings in NOV were worth $260,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wedmont Private Capital increased its position in NOV by 5.2% during the 1st quarter. Wedmont Private Capital now owns 12,992 shares of the oil and gas exploration company’s stock valued at $263,000 after buying an additional 643 shares in the last quarter. Mather Group LLC. increased its position in NOV by 17.2% during the 2nd quarter. Mather Group LLC. now owns 5,706 shares of the oil and gas exploration company’s stock valued at $111,000 after buying an additional 839 shares in the last quarter. GAMMA Investing LLC increased its position in NOV by 18.2% during the 2nd quarter. GAMMA Investing LLC now owns 5,496 shares of the oil and gas exploration company’s stock valued at $104,000 after buying an additional 848 shares in the last quarter. Quadrature Capital Ltd increased its position in NOV by 3.1% during the 1st quarter. Quadrature Capital Ltd now owns 29,481 shares of the oil and gas exploration company’s stock valued at $576,000 after buying an additional 889 shares in the last quarter. Finally, Park Avenue Securities LLC increased its position in NOV by 7.5% during the 1st quarter. Park Avenue Securities LLC now owns 17,020 shares of the oil and gas exploration company’s stock valued at $332,000 after buying an additional 1,194 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NOV. Evercore ISI raised NOV to a “strong-buy” rating in a research report on Friday, July 26th. Piper Sandler cut their target price on NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Bank of America cut their target price on NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 target price on shares of NOV in a research note on Monday, July 29th. Finally, Benchmark reiterated a “hold” rating on shares of NOV in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.58.

NOV Price Performance

NYSE NOV opened at $15.86 on Friday. The company has a market capitalization of $6.24 billion, a PE ratio of 6.37, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. The business’s fifty day moving average is $18.01 and its 200 day moving average is $18.39. NOV Inc. has a fifty-two week low of $15.47 and a fifty-two week high of $21.71.

NOV (NYSE:NOV) last released its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.22. The company had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.19 billion. NOV had a return on equity of 10.97% and a net margin of 11.88%. NOV’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 earnings per share. Sell-side analysts predict that NOV Inc. will post 1.63 earnings per share for the current year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.89%. NOV’s dividend payout ratio (DPR) is presently 12.05%.

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.