Federated Hermes Inc. Lowers Stock Holdings in NOV Inc. (NYSE:NOV)

Federated Hermes Inc. reduced its holdings in NOV Inc. (NYSE:NOV) by 5.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 33,940 shares of the oil and gas exploration company’s stock after selling 1,850 shares during the period. Federated Hermes Inc.’s holdings in NOV were worth $645,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Boston Partners purchased a new position in shares of NOV during the 1st quarter valued at approximately $119,686,000. Balyasny Asset Management L.P. raised its position in 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 period. Bank of New York Mellon Corp lifted its holdings 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 purchasing an additional 3,989,095 shares in the last quarter. Pzena Investment Management LLC grew its position in shares of NOV by 12.7% in the first 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 purchasing an additional 3,946,504 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of NOV by 779.9% during the first quarter. SG Americas Securities LLC now owns 858,823 shares of the oil and gas exploration company’s stock worth $16,764,000 after purchasing an additional 761,219 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NOV shares. Evercore ISI upgraded NOV to a “strong-buy” rating in a research note on Friday, July 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 price target on shares of NOV in a research report on Monday, July 29th. Bank of America reduced their price objective on NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, July 15th. TD Cowen lifted their target price on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Barclays increased their target price on shares of NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, NOV has an average rating of “Moderate Buy” and a consensus price target of $24.42.

NOV Stock Performance

Shares of NOV stock opened at $16.90 on Monday. 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. The company’s 50-day moving average price is $17.86 and its 200-day moving average price is $18.39. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 6.79, a PEG ratio of 0.47 and a beta of 1.67.

NOV (NYSE:NOV) last posted its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.22. The company had revenue of $2.22 billion for 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%. NOV’s revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.39 EPS. As a group, equities analysts predict that NOV Inc. will post 1.63 earnings per share for the current year.

NOV Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.075 per share. The ex-dividend date is Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.78%. NOV’s dividend payout ratio (DPR) is 12.05%.

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.