California Public Employees Retirement System Has $11.62 Million Stake in NOV Inc. (NYSE:NOV)

California Public Employees Retirement System decreased its position in shares of NOV Inc. (NYSE:NOV) by 5.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 572,882 shares of the oil and gas exploration company’s stock after selling 35,081 shares during the quarter. California Public Employees Retirement System owned approximately 0.15% of NOV worth $11,618,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NOV. FMR LLC boosted its holdings in shares of NOV by 30.9% during the 3rd quarter. FMR LLC now owns 18,514,921 shares of the oil and gas exploration company’s stock valued at $386,962,000 after acquiring an additional 4,369,540 shares in the last quarter. Schroder Investment Management Group acquired a new stake in shares of NOV during the 3rd quarter valued at $13,329,000. Envestnet Asset Management Inc. boosted its holdings in shares of NOV by 68.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 646,973 shares of the oil and gas exploration company’s stock valued at $13,522,000 after acquiring an additional 263,543 shares in the last quarter. Retirement Systems of Alabama boosted its holdings in shares of NOV by 42.3% during the 3rd quarter. Retirement Systems of Alabama now owns 864,474 shares of the oil and gas exploration company’s stock valued at $18,068,000 after acquiring an additional 256,883 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in NOV during the 3rd quarter worth about $4,314,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Stock Performance

Shares of NOV stock opened at $18.38 on Thursday. NOV Inc. has a one year low of $14.05 and a one year high of $21.91. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of 7.38, a PEG ratio of 0.84 and a beta of 1.74. The business has a 50-day simple moving average of $18.67 and a 200 day simple moving average of $19.13. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.50 and a quick ratio of 1.50.

NOV (NYSE:NOV) last issued its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. NOV had a return on equity of 10.21% and a net margin of 11.23%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same period in the previous year, the company posted $0.32 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. On average, research analysts anticipate that NOV Inc. will post 1.52 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date was Wednesday, March 13th. NOV’s dividend payout ratio is currently 8.03%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NOV. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $24.00 target price on shares of NOV in a report on Tuesday, February 6th. TD Cowen cut their target price on NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday. StockNews.com raised NOV from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Raymond James cut their target price on NOV from $28.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, February 5th. Finally, Piper Sandler cut their target price on NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $24.07.

Insiders Place Their Bets

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $17.43, for a total transaction of $61,005.00. Following the completion of the sale, the chief accounting officer now directly owns 114,212 shares of the company’s stock, valued at approximately $1,990,715.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.85% of the company’s stock.

NOV Company 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 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.