Hennessy Advisors Inc. Boosts Stock Position in NOV Inc. (NYSE:NOV)

Hennessy Advisors Inc. increased its position in NOV Inc. (NYSE:NOV) by 42.7% in the 4th quarter, HoldingsChannel reports. The fund owned 33,400 shares of the oil and gas exploration company’s stock after buying an additional 10,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in NOV were worth $488,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the company. Quarry LP purchased a new position in shares of NOV during the 3rd quarter valued at $36,000. American National Bank & Trust bought a new stake in NOV during the third quarter valued at about $39,000. International Assets Investment Management LLC lifted its position in shares of NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after acquiring an additional 2,735 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of NOV in the third quarter worth about $48,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in shares of NOV during the second quarter worth about $78,000. 93.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on NOV shares. TD Cowen dropped their price target on NOV from $28.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Evercore ISI reaffirmed an “in-line” rating and set a $18.00 target price (down from $25.00) on shares of NOV in a research note on Wednesday. Barclays decreased their price target on shares of NOV from $16.00 to $12.00 and set an “underweight” rating on the stock in a research note on Wednesday, December 18th. JPMorgan Chase & Co. cut their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Finally, Susquehanna decreased their target price on NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a research report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.00.

NOV Trading Up 3.4 %

NOV stock opened at $15.64 on Friday. NOV Inc. has a twelve month low of $13.94 and a twelve month high of $21.23. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of 5.77, a price-to-earnings-growth ratio of 0.90 and a beta of 1.66. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. The firm’s fifty day simple moving average is $15.28 and its two-hundred day simple moving average is $16.50.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a dividend of $0.075 per share. The ex-dividend date was Friday, December 6th. This represents a $0.30 annualized dividend and a yield of 1.92%. NOV’s payout ratio is 11.07%.

Insider Buying and Selling

In other news, Director David D. Harrison sold 1,784 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total value of $28,722.40. Following the sale, the director now directly owns 110,951 shares in the company, valued at approximately $1,786,311.10. This represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.85% of the stock is currently owned by corporate insiders.

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.