River Global Investors Reduces Stake in NOV Inc.

According to a recent Form 13F filing with the Securities and Exchange Commission, River Global Investors LLP has significantly reduced its stake in NOV Inc. (NYSE:NOV) by 50.3% during the third quarter. Following the sale of 46,007 shares, the investment firm now holds a total of 45,385 shares in this oil and gas exploration company. The current value of River Global Investors' holdings in NOV stands at approximately $724,000.

In addition to River Global Investors, other institutional investors have also made adjustments to their positions in NOV. Norden Group LLC entered a new position in NOV during the first quarter, valued at about $196,000. Similarly, Janney Montgomery Scott LLC increased its stake in NOV by 41.6% during the same period. After acquiring an additional 5,646 shares, Janney Montgomery Scott now owns a total of 19,223 shares valued at approximately $375,000. Sei Investments Co. also boosted its holdings in NOV by 1.4%, now possessing 638,976 shares worth $12,473,000 after purchasing 9,055 additional shares.

Furthermore, Headlands Technologies LLC acquired a new position in NOV in the first quarter for around $353,000. Lastly, Edmond DE Rothschild Holding S.A. raised its stake in NOV by 11.4%, now owning 2,450,000 shares valued at $47,824,000 after purchasing an additional 250,000 shares. Overall, institutional investors and hedge funds collectively own 93.27% of NOV's stock.

NOV Stock Overview

On Friday, shares of NOV Inc. traded down by $0.25, reaching a price of $16.28. The trading volume for the day was 2,681,159 shares, which is lower than the average volume of 4,003,469. Over the past year, NOV's stock has seen a low of $14.98 and a high of $21.23, with the company having a market capitalization of $6.33 billion. The stock currently has a price-to-earnings (P/E) ratio of 6.01 and a PEG ratio of 0.96, with a beta of 1.66. NOV's 50-day moving average is $16.08, and its 200-day moving average is $17.60. The company maintains a debt-to-equity ratio of 0.26, a current ratio of 2.57, and a quick ratio of 1.65.

Dividend Information

NOV has also recently declared a quarterly dividend, which was paid on September 27th. Shareholders who were on record by September 13th received a dividend of $0.075 per share. This results in an annualized dividend of $0.30, suggesting a dividend yield of 1.84%. The company's payout ratio is currently at 11.07%.

Analyst Ratings

Several analysts have shared updates on their ratings for NOV's stock. For instance, Susquehanna adjusted its target price for NOV from $22.00 to $21.00, while also maintaining a "positive" rating. JPMorgan Chase & Co. lowered their target from $23.00 to $22.00 and set an "overweight" rating. Piper Sandler decreased its price objective from $22.00 to $20.00, endorsing a "neutral" rating. Morgan Stanley revised its target price from $25.00 to $23.00 with an "overweight" rating as well, and Bank of America lowered its target from $22.00 to $20.00, maintaining a "buy" rating. Presently, two research analysts have issued sell ratings, five analysts have assigned a hold rating, nine have a buy rating, and one has issued a strong buy rating for NOV, leading to a consensus rating categorized as "Moderate Buy" with an average price target of $21.86.

About NOV

NOV Inc. focuses on designing, manufacturing, and selling products and systems for the oil, gas, industrial, and renewable energy sectors, operating both in the United States and internationally. The company operates through two main segments: Energy Equipment and Energy Products and Services. NOV produces various products and provides services, including solids control and waste management, managed pressure drilling, drilling fluids, premium drill pipe, and drill bits among others.

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