KLP Kapitalforvaltning AS Purchases Shares of 81,500 NOV Inc. (NYSE:NOV)

KLP Kapitalforvaltning AS acquired a new position in NOV Inc. (NYSE:NOV) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 81,500 shares of the oil and gas exploration company’s stock, valued at approximately $1,190,000.

A number of other hedge funds have also made changes to their positions in the business. Quest Partners LLC purchased a new position in NOV in the third quarter valued at about $96,000. Charles Schwab Investment Management Inc. raised its holdings in shares of NOV by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,927,965 shares of the oil and gas exploration company’s stock valued at $46,760,000 after buying an additional 55,056 shares during the period. Cerity Partners LLC lifted its position in NOV by 5.4% during the 3rd quarter. Cerity Partners LLC now owns 64,240 shares of the oil and gas exploration company’s stock worth $1,026,000 after acquiring an additional 3,274 shares in the last quarter. Bank of Montreal Can boosted its holdings in NOV by 519.1% in the 3rd quarter. Bank of Montreal Can now owns 438,068 shares of the oil and gas exploration company’s stock worth $7,000,000 after acquiring an additional 367,308 shares during the period. Finally, Brooklyn Investment Group acquired a new stake in NOV in the third quarter valued at approximately $48,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Wall Street Analysts Forecast Growth

NOV has been the topic of a number of recent research reports. Atb Cap Markets cut shares of NOV from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Barclays upped their price objective on shares of NOV from $12.00 to $13.00 and gave the company an “underweight” rating in a research report on Tuesday, February 18th. Piper Sandler lifted their target price on NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Evercore ISI reissued an “in-line” rating and issued a $18.00 price target (down previously from $25.00) on shares of NOV in a report on Wednesday, January 15th. Finally, ATB Capital restated a “sector perform” rating and set a $19.00 price objective on shares of NOV in a report on Tuesday, December 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, NOV presently has an average rating of “Hold” and an average price target of $19.60.

NOV Stock Performance

NOV stock opened at $14.96 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.64. NOV Inc. has a 12 month low of $13.78 and a 12 month high of $21.20. The company has a fifty day moving average price of $15.00 and a two-hundred day moving average price of $15.39. The company has a market cap of $5.70 billion, a PE ratio of 9.29, a P/E/G ratio of 1.02 and a beta of 1.66.

NOV (NYSE:NOV) last posted its quarterly earnings results on Tuesday, February 4th. The oil and gas exploration company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.35 by $0.06. NOV had a net margin of 7.16% and a return on equity of 9.88%. Research analysts expect that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date was Friday, March 14th. NOV’s payout ratio is 18.63%.

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 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.