Hsbc Holdings PLC Sells 92,056 Shares of NOV Inc. (NYSE:NOV)

Hsbc Holdings PLC reduced its stake in NOV Inc. (NYSE:NOV) by 43.6% during the second quarter, Holdings Channel.com reports. The firm owned 118,989 shares of the oil and gas exploration company’s stock after selling 92,056 shares during the quarter. Hsbc Holdings PLC’s holdings in NOV were worth $2,263,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its stake in shares of NOV by 95.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock valued at $17,846,000 after acquiring an additional 429,104 shares during the period. Wintrust Investments LLC lifted its holdings in NOV by 631.6% during the first quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock valued at $1,600,000 after purchasing an additional 70,743 shares in the last quarter. Stanley Laman Group Ltd. bought a new position in shares of NOV in the second quarter worth approximately $4,031,000. Schroder Investment Management Group increased its stake in shares of NOV by 71.3% in the fourth quarter. Schroder Investment Management Group now owns 1,092,422 shares of the oil and gas exploration company’s stock worth $22,154,000 after purchasing an additional 454,665 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of NOV by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock valued at $75,813,000 after purchasing an additional 42,717 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NOV shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $24.00 target price on shares of NOV in a report on Monday, July 29th. Barclays lifted their price objective on shares of NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. Benchmark restated a “hold” rating on shares of NOV in a research report on Friday, July 26th. Piper Sandler reduced their price target on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Finally, TD Cowen boosted their price target on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, NOV has a consensus rating of “Moderate Buy” and an average target price of $24.00.

NOV Price Performance

NYSE:NOV opened at $15.85 on Friday. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of 6.37, a PEG ratio of 0.50 and a beta of 1.67. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The business has a 50 day simple moving average of $17.62 and a 200-day simple moving average of $18.34. NOV Inc. has a 1 year low of $15.47 and a 1 year high of $21.71.

NOV (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the business posted $0.39 earnings per share. The business’s revenue was up 5.9% compared to the same quarter last year. Equities analysts forecast that NOV Inc. will post 1.63 EPS for the current year.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend is Friday, September 13th. NOV’s dividend payout ratio (DPR) is currently 12.05%.

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.