Renaissance Technologies LLC Lowers Position in NOV Inc. (NYSE:NOV)

Renaissance Technologies LLC trimmed its position in shares of NOV Inc. (NYSE:NOV) by 8.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 640,410 shares of the oil and gas exploration company’s stock after selling 57,200 shares during the period. Renaissance Technologies LLC’s holdings in NOV were worth $9,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Huntington National Bank increased its stake in shares of NOV by 88.7% in the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock valued at $32,000 after purchasing an additional 1,034 shares in the last quarter. UMB Bank n.a. grew its holdings in NOV by 222.3% in the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after purchasing an additional 1,612 shares during the period. Signaturefd LLC increased its position in shares of NOV by 41.3% in the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 756 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of NOV during the 4th quarter worth approximately $42,000. Finally, CoreFirst Bank & Trust purchased a new position in shares of NOV during the 4th quarter valued at approximately $41,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NOV has been the topic of several research analyst reports. Raymond James lifted their target price on shares of NOV from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Royal Bank of Canada upgraded NOV from a “sector perform” rating to an “outperform” rating and set a $22.00 price objective for the company in a research note on Monday, March 24th. Piper Sandler increased their target price on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Stifel Nicolaus lowered their price target on NOV from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Seaport Res Ptn downgraded NOV from a “strong-buy” rating to a “hold” rating in a research note on Sunday, January 5th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.00.

NOV Stock Up 3.9 %

Shares of NYSE NOV opened at $12.52 on Friday. The company has a market capitalization of $4.74 billion, a P/E ratio of 7.77, a P/E/G ratio of 1.02 and a beta of 1.35. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.64. The company has a 50 day simple moving average of $14.25 and a 200-day simple moving average of $15.01. NOV Inc. has a 1 year low of $10.84 and a 1 year high of $21.20.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. On average, equities research analysts predict that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a $0.075 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.30 dividend on an annualized basis and a yield of 2.40%. NOV’s payout ratio is currently 18.63%.

About NOV

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.