Rhumbline Advisers Sells 6,047 Shares of NOV Inc. $NOV

by · The Cerbat Gem

Rhumbline Advisers trimmed its holdings in NOV Inc. (NYSE:NOV – Free Report) by 0.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,181,171 shares of the oil and gas exploration company’s stock after selling 6,047 shares during the quarter. Rhumbline Advisers’ holdings in NOV were worth $14,682,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in NOV. Franklin Resources Inc. increased its position in NOV by 717.3% in the 2nd quarter. Franklin Resources Inc. now owns 210,144 shares of the oil and gas exploration company’s stock valued at $2,612,000 after acquiring an additional 184,432 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of NOV by 1.8% in the second quarter. Legal & General Group Plc now owns 652,216 shares of the oil and gas exploration company’s stock valued at $8,107,000 after purchasing an additional 11,502 shares in the last quarter. Neo Ivy Capital Management bought a new position in NOV in the 2nd quarter worth approximately $1,661,000. Entropy Technologies LP acquired a new position in NOV during the 2nd quarter worth $743,000. Finally, Catalyst Funds Management Pty Ltd bought a new position in NOV in the 2nd quarter valued at $622,000. Institutional investors own 93.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NOV. Raymond James Financial restated an “outperform” rating and set a $17.00 target price on shares of NOV in a research report on Tuesday, October 28th. Barclays dropped their price objective on NOV from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Tuesday, November 11th. Citigroup raised their target price on shares of NOV from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. Royal Bank Of Canada lifted their price target on shares of NOV from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Finally, The Goldman Sachs Group increased their price objective on shares of NOV from $12.00 to $14.00 and gave the company a “sell” rating in a report on Wednesday, November 5th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, NOV has an average rating of “Hold” and a consensus price target of $15.54.

Read Our Latest Report on NOV

NOV Stock Performance

Shares of NOV stock opened at $15.36 on Friday. The stock has a market cap of $5.60 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 4.73 and a beta of 1.25. The stock has a 50-day moving average of $14.15 and a 200-day moving average of $13.32. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.55 and a quick ratio of 1.72. NOV Inc. has a one year low of $10.84 and a one year high of $16.66.

NOV (NYSE:NOV – Get Free Report) last issued its quarterly earnings data on Tuesday, October 28th. The oil and gas exploration company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.13). NOV had a net margin of 4.36% and a return on equity of 5.89%. The firm’s revenue was down .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 EPS. As a group, sell-side analysts expect that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a $0.075 dividend. The ex-dividend date is Friday, December 5th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.0%. NOV’s dividend payout ratio is currently 30.00%.

Insider Buying and Selling

In other NOV news, Director Christian S. Kendall bought 70,000 shares of NOV stock in a transaction on Friday, November 21st. The shares were purchased at an average cost of $14.46 per share, for a total transaction of $1,012,200.00. Following the completion of the acquisition, the director owned 85,949 shares in the company, valued at approximately $1,242,822.54. The trade was a 438.90% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.08% of the company’s stock.

NOV Profile

(Free Report)

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.

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