State of New Jersey Common Pension Fund D Lowers Holdings in NOV Inc. (NYSE:NOV)

State of New Jersey Common Pension Fund D lowered its stake in shares of NOV Inc. (NYSE:NOV) by 35.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,501 shares of the oil and gas exploration company’s stock after selling 78,511 shares during the period. State of New Jersey Common Pension Fund D’s holdings in NOV were worth $2,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of NOV. Boston Partners bought a new stake in NOV in the 1st quarter valued at $119,686,000. Balyasny Asset Management L.P. lifted its position in shares of NOV by 769.1% in 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 buying an additional 5,456,581 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in 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 valued at $188,749,000 after buying an additional 3,989,095 shares during the last quarter. Pzena Investment Management LLC grew its holdings in NOV by 12.7% during the 1st quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock valued at $684,618,000 after buying an additional 3,946,504 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in NOV by 779.9% in the 1st quarter. SG Americas Securities LLC now owns 858,823 shares of the oil and gas exploration company’s stock worth $16,764,000 after acquiring an additional 761,219 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Price Performance

NOV opened at $16.44 on Thursday. The business has a fifty day moving average of $17.94 and a 200 day moving average of $18.39. The stock has a market cap of $6.50 billion, a P/E ratio of 6.60, a PEG ratio of 0.47 and a beta of 1.67. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. NOV Inc. has a 52-week low of $15.47 and a 52-week high of $21.71.

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

NOV Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. TD Cowen increased their target price on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Piper Sandler dropped their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Bank of America decreased their target price on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Barclays lifted their price target on NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 30th. Finally, Benchmark restated a “hold” rating on shares of NOV in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.42.

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.