Raymond James Financial Inc. Purchases New Position in NOV Inc. (NYSE:NOV)

Raymond James Financial Inc. bought a new position in shares of NOV Inc. (NYSE:NOV) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 228,252 shares of the oil and gas exploration company’s stock, valued at approximately $3,332,000. Raymond James Financial Inc. owned approximately 0.06% of NOV at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Verum Partners LLC grew its stake in NOV by 9.0% in the fourth quarter. Verum Partners LLC now owns 15,050 shares of the oil and gas exploration company’s stock valued at $220,000 after acquiring an additional 1,248 shares during the period. UMB Bank n.a. lifted its position in shares of NOV by 222.3% during the 4th quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after acquiring an additional 1,612 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in NOV by 10.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,983 shares of the oil and gas exploration company’s stock worth $271,000 after purchasing an additional 1,656 shares during the last quarter. Canandaigua National Bank & Trust Co. lifted its stake in NOV by 3.5% in the 4th quarter. Canandaigua National Bank & Trust Co. now owns 59,895 shares of the oil and gas exploration company’s stock valued at $874,000 after purchasing an additional 2,040 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of NOV during the third quarter valued at about $36,000. 93.27% of the stock is owned by institutional investors.

NOV Trading Down 1.1 %

NYSE NOV opened at $15.27 on Friday. The company has a current ratio of 2.46, a quick ratio of 1.64 and a debt-to-equity ratio of 0.26. The stock has a market cap of $5.81 billion, a P/E ratio of 9.48, a P/E/G ratio of 1.02 and a beta of 1.66. NOV Inc. has a 12 month low of $13.78 and a 12 month high of $21.20. The stock’s fifty day moving average price is $15.01 and its 200-day moving average price is $15.40.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. As a group, equities analysts forecast that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Friday, March 14th. NOV’s dividend payout ratio is presently 18.63%.

Wall Street Analyst Weigh In

NOV has been the subject of several recent analyst reports. Evercore ISI reiterated an “in-line” rating and set a $18.00 price objective (down from $25.00) on shares of NOV in a research report on Wednesday, January 15th. Piper Sandler increased their price objective on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Barclays increased their price target on shares of NOV from $12.00 to $13.00 and gave the stock an “underweight” rating in a report on Tuesday, February 18th. Atb Cap Markets cut NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, Royal Bank of Canada upgraded NOV from a “sector perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $19.60.

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.