Goehring & Rozencwajg Associates LLC Raises Holdings in NOV Inc. (NYSE:NOV)

Goehring & Rozencwajg Associates LLC raised its stake in NOV Inc. (NYSE:NOV) by 10.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 182,185 shares of the oil and gas exploration company’s stock after purchasing an additional 17,300 shares during the quarter. Goehring & Rozencwajg Associates LLC’s holdings in NOV were worth $3,463,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Pzena Investment Management LLC raised its position in NOV by 0.3% in the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock valued at $668,694,000 after purchasing an additional 103,238 shares during the period. Dimensional Fund Advisors LP increased its position in shares of NOV by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock worth $230,743,000 after acquiring an additional 3,470,860 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of NOV by 67.2% during the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after acquiring an additional 3,989,095 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of NOV by 769.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock worth $125,048,000 after acquiring an additional 5,456,581 shares during the last quarter. Finally, Boston Partners purchased a new stake in shares of NOV during the first quarter worth about $119,686,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Stock Performance

NOV opened at $16.44 on Thursday. The business’s 50 day moving average is $17.94 and its 200-day moving average is $18.39. The stock has a market cap of $6.50 billion, a PE ratio of 6.60, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. NOV Inc. has a twelve month low of $15.47 and a twelve month high of $21.71.

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

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Friday, September 13th. NOV’s dividend payout ratio (DPR) is presently 12.05%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Bank of America dropped their target price on NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Benchmark reaffirmed a “hold” rating on shares of NOV in a research report on Friday, July 26th. Evercore ISI raised NOV to a “strong-buy” rating in a research report on Friday, July 26th. TD Cowen lifted their price target on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Piper Sandler decreased their price target on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, NOV presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.42.

About NOV

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.