The Manufacturers Life Insurance Company Sells 1,786 Shares of NOV Inc. (NYSE:NOV)

The Manufacturers Life Insurance Company trimmed its stake in shares of NOV Inc. (NYSE:NOV) by 0.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 337,859 shares of the oil and gas exploration company’s stock after selling 1,786 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of NOV worth $6,423,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of NOV. Hsbc Holdings PLC grew its stake in NOV by 8.7% during 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 buying an additional 5,801 shares in the last quarter. TD Asset Management Inc boosted its position in shares of NOV by 79.7% during the 4th quarter. TD Asset Management Inc now owns 86,278 shares of the oil and gas exploration company’s stock worth $1,750,000 after acquiring an additional 38,278 shares in the last quarter. Campbell & CO Investment Adviser LLC increased its stake in NOV by 9.5% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 24,918 shares of the oil and gas exploration company’s stock valued at $505,000 after acquiring an additional 2,166 shares during the last quarter. KBC Group NV raised its position in NOV by 357.8% during the fourth quarter. KBC Group NV now owns 6,990 shares of the oil and gas exploration company’s stock valued at $142,000 after purchasing an additional 5,463 shares in the last quarter. Finally, Schroder Investment Management Group lifted its stake in NOV by 71.3% during the fourth quarter. Schroder Investment Management Group now owns 1,092,422 shares of the oil and gas exploration company’s stock worth $22,154,000 after purchasing an additional 454,665 shares during the last quarter. Institutional investors own 93.27% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Morgan Stanley lowered their price target on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Wells Fargo & Company cut shares of NOV from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $20.00 to $16.00 in a report on Wednesday, September 25th. Bank of America decreased their price target on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. decreased their target price on shares of NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday. Two analysts have rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, NOV has a consensus rating of “Moderate Buy” and a consensus target price of $23.54.

NOV Stock Up 1.1 %

Shares of NYSE NOV opened at $16.59 on Friday. The company’s 50 day moving average price is $17.30 and its 200-day moving average price is $18.25. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. NOV Inc. has a 52-week low of $15.47 and a 52-week high of $21.53. The company has a market capitalization of $6.56 billion, a P/E ratio of 6.66, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67.

NOV (NYSE:NOV) last issued 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 net margin of 11.88% and a return on equity of 10.97%. The business 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 firm posted $0.39 earnings per share. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. Equities analysts forecast 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 was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s dividend payout ratio (DPR) is presently 12.05%.

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.