Kiltearn Partners LLP Cuts Holdings in NOV Inc. (NYSE:NOV)

Kiltearn Partners LLP lowered its holdings in NOV Inc. (NYSE:NOV) by 17.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 852,100 shares of the oil and gas exploration company’s stock after selling 185,600 shares during the quarter. NOV accounts for about 2.0% of Kiltearn Partners LLP’s investment portfolio, making the stock its 22nd biggest holding. Kiltearn Partners LLP owned 0.22% of NOV worth $16,198,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Partners purchased a new stake in shares of NOV during the 1st quarter valued at about $119,686,000. Balyasny Asset Management L.P. grew its position in NOV by 769.1% in the 4th 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 purchasing an additional 5,456,581 shares during the period. Bank of New York Mellon Corp raised its stake in NOV by 67.2% during the 2nd 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 boosted its stake in shares of NOV by 12.7% in the 1st quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock worth $684,618,000 after buying an additional 3,946,504 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of NOV by 40.0% in the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock worth $230,743,000 after acquiring an additional 3,470,860 shares during the period. 93.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. TD Cowen raised their target price on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Bank of America reduced their target price on shares of NOV from $24.00 to $22.00 and set a “buy” rating for the company in a report on Monday, July 15th. Piper Sandler dropped their price target on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Morgan Stanley reduced their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Barclays lifted their target price on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, NOV presently has a consensus rating of “Moderate Buy” and an average price target of $24.42.

NOV Stock Down 0.9 %

Shares of NOV opened at $16.75 on Tuesday. NOV Inc. has a 12-month low of $15.47 and a 12-month high of $21.71. 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 company has a market capitalization of $6.63 billion, a PE ratio of 6.73, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The business’s 50 day moving average is $17.81 and its 200 day moving average is $18.38.

NOV (NYSE:NOV) last issued its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping 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%. NOV’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 earnings per share. Research analysts expect that NOV Inc. will post 1.63 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.075 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.30 annualized dividend and a dividend yield of 1.79%. NOV’s dividend payout ratio (DPR) is 12.05%.

NOV Company 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.