Point72 Asset Management L.P. Sells 2,906,267 Shares of NOV Inc. (NYSE:NOV)

Point72 Asset Management L.P. lessened its holdings in NOV Inc. (NYSE:NOV) by 82.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 627,861 shares of the oil and gas exploration company’s stock after selling 2,906,267 shares during the period. Point72 Asset Management L.P. owned approximately 0.16% of NOV worth $11,936,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in shares of NOV by 95.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after buying an additional 429,104 shares in the last quarter. Wintrust Investments LLC lifted its stake in shares of NOV by 631.6% in the 1st quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock valued at $1,600,000 after purchasing an additional 70,743 shares during the last quarter. Stanley Laman Group Ltd. bought a new stake in shares of NOV in the 2nd quarter valued at approximately $4,031,000. Schroder Investment Management Group increased its position in shares of NOV by 71.3% during the 4th quarter. Schroder Investment Management Group now owns 1,092,422 shares of the oil and gas exploration company’s stock valued at $22,154,000 after purchasing an additional 454,665 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in NOV by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock valued at $75,813,000 after buying an additional 42,717 shares during the period. Institutional investors own 93.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NOV. Piper Sandler cut their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research 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 report on Monday, July 29th. Evercore ISI upgraded NOV to a “strong-buy” rating in a research report on Friday, July 26th. Barclays increased their price target on NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Finally, Morgan Stanley cut their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, NOV has an average rating of “Moderate Buy” and a consensus target price of $24.00.

NOV Stock Performance

Shares of NOV stock opened at $15.96 on Tuesday. The company has a market capitalization of $6.31 billion, a PE ratio of 6.41, a P/E/G ratio of 0.50 and a beta of 1.67. The company has a 50-day simple moving average of $17.50 and a two-hundred day simple moving average of $18.31. NOV Inc. has a one year low of $15.47 and a one year high of $21.53. 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 (NYSE:NOV) last posted its 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. The company had revenue of $2.22 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 earnings per share. Research analysts expect that NOV Inc. will post 1.63 EPS for the current fiscal year.

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.88%. The ex-dividend date was Friday, September 13th. NOV’s dividend payout ratio is presently 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.