Franklin Resources Inc. Grows Position in NOV Inc. $NOV

Franklin Resources Inc. grew its holdings in shares of NOV Inc. (NYSE:NOV) by 717.3% in the second quarter, Holdings Channel.com reports. The firm owned 210,144 shares of the oil and gas exploration company’s stock after buying an additional 184,432 shares during the period. Franklin Resources Inc.’s holdings in NOV were worth $2,612,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. First Pacific Advisors LP boosted its holdings in NOV by 101.0% in the 2nd quarter. First Pacific Advisors LP now owns 7,018,950 shares of the oil and gas exploration company’s stock worth $87,246,000 after buying an additional 3,526,754 shares during the period. AQR Capital Management LLC boosted its holdings in shares of NOV by 88.9% in the first quarter. AQR Capital Management LLC now owns 7,146,949 shares of the oil and gas exploration company’s stock worth $107,276,000 after acquiring an additional 3,362,853 shares during the period. Nuveen LLC purchased a new position in shares of NOV in the first quarter valued at $33,742,000. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of NOV during the 1st quarter valued at $23,589,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of NOV by 7.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,122,455 shares of the oil and gas exploration company’s stock valued at $275,818,000 after purchasing an additional 1,329,327 shares during the period. Institutional investors own 93.27% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Barclays reduced their target price on NOV from $14.00 to $13.00 and set an “underweight” rating for the company in a report on Tuesday, November 11th. Piper Sandler reduced their price objective on shares of NOV from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, August 14th. Zacks Research upgraded shares of NOV from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Citigroup boosted their price target on shares of NOV from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. Finally, The Goldman Sachs Group upped their price target on shares of NOV from $12.00 to $14.00 and gave the stock a “sell” rating in a report on Wednesday, November 5th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $15.54.

NOV Price Performance

Shares of NYSE:NOV opened at $16.31 on Thursday. The company’s fifty day moving average price is $14.32 and its 200-day moving average price is $13.38. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.55 and a quick ratio of 1.71. The firm has a market capitalization of $5.95 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 5.05 and a beta of 0.97. NOV Inc. has a one year low of $10.84 and a one year high of $16.66.

NOV (NYSE:NOV) last announced its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.13). NOV had a return on equity of 5.89% and a net margin of 4.36%.During the same quarter in the previous year, the business earned $0.33 earnings per share. The firm’s revenue was down .7% on a year-over-year basis. On average, equities research analysts anticipate that NOV Inc. will post 1.4 earnings per share for the current fiscal 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 issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, December 5th. NOV’s dividend payout ratio (DPR) is currently 30.00%.

Insiders Place Their Bets

In other news, Director Christian S. Kendall bought 70,000 shares of the business’s stock in a transaction on Friday, November 21st. The stock was acquired at an average price of $14.46 per share, with a total value of $1,012,200.00. Following the completion of the purchase, the director directly owned 85,949 shares in the company, valued at $1,242,822.54. This represents a 438.90% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.08% of the stock is owned by insiders.

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.