NOV Inc. (NYSE:NOV) Position Trimmed by Shelton Capital Management

Shelton Capital Management lowered its stake in NOV Inc. (NYSE:NOV) by 3.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,365 shares of the oil and gas exploration company’s stock after selling 749 shares during the period. Shelton Capital Management’s holdings in NOV were worth $311,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of NOV. JPMorgan Chase & Co. increased its position in shares of NOV by 16.6% in the first quarter. JPMorgan Chase & Co. now owns 762,999 shares of the oil and gas exploration company’s stock worth $14,961,000 after acquiring an additional 108,845 shares in the last quarter. Raymond James & Associates grew its position in NOV by 15.4% during the 1st quarter. Raymond James & Associates now owns 175,860 shares of the oil and gas exploration company’s stock worth $3,449,000 after purchasing an additional 23,430 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of NOV by 8.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 13,935 shares of the oil and gas exploration company’s stock valued at $273,000 after purchasing an additional 1,079 shares in the last quarter. US Bancorp DE boosted its position in shares of NOV by 2.0% in the first quarter. US Bancorp DE now owns 39,557 shares of the oil and gas exploration company’s stock worth $777,000 after buying an additional 788 shares during the period. Finally, HighTower Advisors LLC grew its holdings in shares of NOV by 7.8% during the first quarter. HighTower Advisors LLC now owns 40,976 shares of the oil and gas exploration company’s stock valued at $801,000 after buying an additional 2,962 shares in the last quarter. 93.19% of the stock is currently owned by institutional investors and hedge funds.

NOV Stock Down 0.9 %

NOV stock opened at $19.27 on Tuesday. The firm has a market cap of $7.59 billion, a price-to-earnings ratio of 15.29, a P/E/G ratio of 0.28 and a beta of 1.87. The firm has a fifty day moving average price of $20.06 and a two-hundred day moving average price of $18.54. NOV Inc. has a fifty-two week low of $14.05 and a fifty-two week high of $24.83. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.39 and a quick ratio of 1.43.

NOV (NYSE:NOV) last posted its quarterly earnings data on Thursday, October 26th. The oil and gas exploration company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.06). The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.13 billion. NOV had a return on equity of 9.28% and a net margin of 6.00%. NOV’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.08 EPS. As a group, analysts forecast that NOV Inc. will post 1.41 earnings per share for the current year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 22nd. Investors of record on Friday, December 8th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Thursday, December 7th. NOV’s dividend payout ratio (DPR) is currently 15.87%.

Wall Street Analyst Weigh In

Several research firms have weighed in on NOV. Barclays cut NOV from an “equal weight” rating to an “underweight” rating and set a $20.00 target price on the stock. in a research note on Tuesday, October 17th. Citigroup upped their price target on shares of NOV from $21.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, July 31st. Royal Bank of Canada lifted their price objective on NOV from $23.00 to $24.00 and gave the company a “sector perform” rating in a research report on Monday, October 30th. Wells Fargo & Company upped their target price on NOV from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 3rd. Finally, The Goldman Sachs Group lifted their price target on NOV from $16.00 to $18.00 and gave the company a “sell” rating in a report on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, NOV currently has an average rating of “Hold” and a consensus target price of $24.00.

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 worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.