Principal Financial Group Inc. Reduces Stake in NOV Inc.

Principal Financial Group Inc. has decreased its holdings in NOV Inc. (NYSE:NOV) by 2.1% during the fourth quarter, according to recent reports. Following this adjustment, the firm currently owns 892,218 shares of the oil and gas exploration company after selling 19,192 shares in the quarter. Principal Financial Group Inc.'s investment in NOV is valued at approximately $13,026,000 based on its latest filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently adjusted their positions in NOV. UMB Bank n.a. has significantly increased its position in NOV by 222.3% in the fourth quarter, now owning 2,337 shares valued at $34,000 after acquiring an additional 1,612 shares. Quarry LP entered a new stake in NOV during the third quarter, worth about $36,000. R Squared Ltd also acquired a new stake in the fourth quarter valued at around $44,000. International Assets Investment Management LLC expanded its holdings in NOV by a remarkable 1,590.1% during the third quarter and now possesses 2,907 shares valued at $46,000 after purchasing an additional 2,735 shares. Finally, Brooklyn Investment Group also initiated a new position in NOV in the third quarter, valued at $48,000. Collectively, institutional investors own 93.27% of the stock.

Analyst Ratings and Forecasts

Research analysts have shared various reports regarding NOV shares. Raymond James recently raised its target price for NOV from $18.00 to $19.00, maintaining an “outperform” rating. Citigroup, on the other hand, downgraded its rating from “buy” to “neutral,” adjusting the price target from $21.00 to $18.00. Barclays increased its price objective from $12.00 to $13.00, giving NOV an “underweight” rating. Piper Sandler also raised their price target for NOV from $17.00 to $18.00, maintaining a “neutral” rating. Meanwhile, Seaport Research Partners reduced their rating from “strong-buy” to “hold.” Currently, two research analysts rate NOV stock as a sell, nine have a hold rating, and seven consider it a buy. Data from MarketBeat indicates that NOV holds a consensus rating of “Hold” with a consensus price target of $19.60.

NOV Stock Overview

NOV shares opened at $15.02 recently. The company holds a current ratio of 2.46, a quick ratio of 1.64, and a relatively low debt-to-equity ratio of 0.26. The fifty-day simple moving average sits at $15.00, while the two-hundred-day average is $15.81. Over the past year, NOV Inc. has seen a low of $13.94 and a high of $21.20. The company’s market capitalization is $5.72 billion, with a P/E ratio of 9.33 and a price-to-earnings-growth ratio of 1.02. The stock has a beta of 1.64.

NOV last announced its earnings on February 4, where it reported an earnings per share (EPS) of $0.41, surpassing the consensus estimate of $0.35 by $0.06. The company also reported a return on equity of 9.88% and a net margin of 7.16%. Analysts predict that NOV Inc. will post an EPS of 1.4 for the current year.

Dividend Announcement

NOV recently declared a quarterly dividend that will be issued on March 28. Shareholders on record as of March 14 will receive a dividend of $0.075. The ex-dividend date is also set for March 14. This results in an annualized dividend of $0.30, yielding approximately 2.00%. The company currently has a dividend payout ratio of 18.63%.

About NOV Inc.

NOV Inc. designs, constructs, manufactures, and sells a variety of systems, components, and products. These offerings support the oil and gas drilling and production sectors as well as industrial and renewable energy sectors both in the United States and internationally. It operates through two main segments: Energy Equipment and Energy Products and Services. The company provides a range of services and products including solids control and waste management equipment, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, and more.

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