Envestnet Asset Management Inc. Acquires 9,692 Shares of NOV Inc. (NYSE:NOV)

Envestnet Asset Management Inc. lifted its stake in NOV Inc. (NYSE:NOV) by 1.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 754,490 shares of the oil and gas exploration company’s stock after acquiring an additional 9,692 shares during the period. Envestnet Asset Management Inc. owned approximately 0.19% of NOV worth $14,343,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in NOV. US Bancorp DE grew its holdings in NOV by 5.1% during the 4th quarter. US Bancorp DE now owns 32,786 shares of the oil and gas exploration company’s stock valued at $665,000 after buying an additional 1,584 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of NOV by 8.7% in the fourth quarter. Hsbc Holdings PLC now owns 72,397 shares of the oil and gas exploration company’s stock worth $1,475,000 after purchasing an additional 5,801 shares during the period. United Services Automobile Association boosted its position in shares of NOV by 11.6% during the 4th quarter. United Services Automobile Association now owns 32,975 shares of the oil and gas exploration company’s stock valued at $669,000 after acquiring an additional 3,440 shares during the last quarter. TD Asset Management Inc raised its stake in NOV by 79.7% in the fourth quarter. TD Asset Management Inc now owns 86,278 shares of the oil and gas exploration company’s stock valued at $1,750,000 after purchasing an additional 38,278 shares in the last quarter. Finally, Ruffer LLP lifted its position in NOV by 10.7% during the fourth quarter. Ruffer LLP now owns 713,730 shares of the oil and gas exploration company’s stock valued at $14,477,000 after purchasing an additional 68,800 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Price Performance

NOV stock opened at $16.76 on Wednesday. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. The firm’s 50-day moving average price is $17.75 and its two-hundred day moving average price is $18.37. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of 6.73, a PEG ratio of 0.47 and a beta of 1.67. NOV Inc. has a 12-month low of $15.47 and a 12-month high of $21.71.

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

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors 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 yield of 1.79%. The ex-dividend date is Friday, September 13th. NOV’s payout ratio is 12.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Evercore ISI raised NOV to a “strong-buy” rating in a research note on Friday, July 26th. Bank of America reduced their price target 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. TD Cowen boosted their price objective on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Morgan Stanley reduced their target price on shares of NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Piper Sandler lowered their price target 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.