Stanley Laman Group Ltd. Takes $4.03 Million Position in NOV Inc. (NYSE:NOV)

Stanley Laman Group Ltd. acquired a new position in shares of NOV Inc. (NYSE:NOV) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 212,026 shares of the oil and gas exploration company’s stock, valued at approximately $4,031,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Pzena Investment Management LLC boosted 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 worth $684,618,000 after purchasing an additional 3,946,504 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in NOV by 769.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock valued at $125,048,000 after acquiring an additional 5,456,581 shares during the period. Boston Partners bought a new stake in shares of NOV in the first quarter worth about $119,686,000. Van ECK Associates Corp raised its position in shares of NOV by 4.2% during the fourth quarter. Van ECK Associates Corp now owns 5,687,556 shares of the oil and gas exploration company’s stock worth $115,343,000 after purchasing an additional 231,464 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of 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 purchasing an additional 42,717 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

NOV Stock Up 0.1 %

NOV stock traded up $0.01 during mid-day trading on Friday, reaching $17.94. The company had a trading volume of 1,859,782 shares, compared to its average volume of 3,725,134. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of 7.20, a PEG ratio of 0.59 and a beta of 1.70. NOV Inc. has a 52 week low of $16.77 and a 52 week high of $21.91. The stock has a 50 day simple moving average of $18.47 and a two-hundred day simple moving average of $18.46. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64.

NOV (NYSE:NOV) last released 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. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the business earned $0.39 earnings per share. The firm’s revenue was up 5.9% on a year-over-year basis. As a group, equities analysts predict that NOV Inc. will post 1.61 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 dividend on an annualized basis and a dividend yield of 1.67%. NOV’s payout ratio is 12.05%.

Analysts Set New Price Targets

A number of analysts recently issued reports on NOV shares. Piper Sandler lowered their target price on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Royal Bank of Canada restated a “sector perform” rating and set a $24.00 price objective on shares of NOV in a report on Monday, July 29th. Benchmark reaffirmed a “hold” rating on shares of NOV in a research note on Friday, July 26th. TD Cowen lifted their price target on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Barclays boosted their price target on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.58.

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.