Allspring Global Investments Holdings LLC Buys 42,717 Shares of NOV Inc. (NYSE:NOV)

Allspring Global Investments Holdings LLC boosted its stake in NOV Inc. (NYSE:NOV) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,883,885 shares of the oil and gas exploration company’s stock after acquiring an additional 42,717 shares during the period. Allspring Global Investments Holdings LLC’s holdings in NOV were worth $75,813,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Rise Advisors LLC bought a new stake in NOV in the first quarter valued at $26,000. Riverview Trust Co purchased a new position in NOV during the first quarter valued at $39,000. Bruce G. Allen Investments LLC purchased a new position in NOV during the fourth quarter valued at $49,000. GAMMA Investing LLC purchased a new position in NOV during the fourth quarter valued at $61,000. Finally, International Assets Investment Management LLC lifted its position in NOV by 1,306.5% during the fourth quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock valued at $71,000 after buying an additional 3,240 shares during the period. Institutional investors own 93.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on NOV shares. TD Cowen lowered their price objective on NOV from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Susquehanna reissued a “positive” rating and set a $26.00 price objective on shares of NOV in a research report on Monday, April 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $24.07.

NOV Stock Up 0.3 %

Shares of NOV traded up $0.06 during trading hours on Tuesday, hitting $18.55. The company had a trading volume of 275,743 shares, compared to its average volume of 3,780,677. NOV Inc. has a 52-week low of $15.72 and a 52-week high of $21.91. The firm has a fifty day moving average price of $18.44 and a 200-day moving average price of $18.81. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50. The stock has a market capitalization of $7.34 billion, a price-to-earnings ratio of 7.43, a P/E/G ratio of 0.59 and a beta of 1.71.

NOV (NYSE:NOV) last released its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. NOV had a return on equity of 10.21% and a net margin of 11.23%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.32 EPS. On average, equities research analysts forecast that NOV Inc. will post 1.56 EPS for the current fiscal year.

NOV Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Friday, June 14th. This is an increase from NOV’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.62%. NOV’s payout ratio is 12.05%.

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.