Truist Financial Corp Has $565,000 Stock Holdings in NOV Inc. (NYSE:NOV)

Truist Financial Corp increased its stake in NOV Inc. (NYSE:NOV) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,729 shares of the oil and gas exploration company’s stock after acquiring an additional 991 shares during the quarter. Truist Financial Corp’s holdings in NOV were worth $565,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Boston Partners acquired a new stake in shares of NOV in the 1st quarter valued at about $119,686,000. Bank of New York Mellon Corp raised its stake in shares of NOV by 67.2% in the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after purchasing an additional 3,989,095 shares during the last quarter. Pzena Investment Management LLC lifted its position in shares of NOV by 12.7% during 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 in the last quarter. Dimensional Fund Advisors LP increased its position in shares of NOV by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after acquiring an additional 3,470,860 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in NOV by 232.6% during the second quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock worth $92,938,000 after buying an additional 3,418,885 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Citigroup reduced their target price on NOV from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, October 3rd. Benchmark restated a “hold” rating on shares of NOV in a research report on Friday, July 26th. Stifel Nicolaus cut their target price on NOV from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Finally, Morgan Stanley dropped their target price on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, NOV currently has an average rating of “Moderate Buy” and an average target price of $22.79.

NOV Stock Performance

Shares of NOV stock opened at $15.68 on Wednesday. NOV Inc. has a 12 month low of $15.47 and a 12 month high of $21.53. The firm has a market capitalization of $6.20 billion, a P/E ratio of 6.30, a P/E/G ratio of 0.47 and a beta of 1.67. The business has a fifty day simple moving average of $16.87 and a two-hundred day simple moving average of $18.08. 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 (NYSE:NOV) last released its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The business had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the company posted $0.39 earnings per share. The company’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, equities analysts forecast that NOV Inc. will post 1.64 earnings per share for the current fiscal year.

NOV Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.30 annualized dividend and a dividend yield of 1.91%. NOV’s dividend payout ratio (DPR) 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.