Nordea Investment Management AB Acquires Shares of 171,493 NOV Inc. (NYSE:NOV)

Nordea Investment Management AB acquired a new stake in shares of NOV Inc. (NYSE:NOV) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 171,493 shares of the oil and gas exploration company’s stock, valued at approximately $2,514,000.

Other institutional investors have also added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of NOV in the third quarter valued at $36,000. American National Bank & Trust purchased a new position in shares of NOV in the third quarter valued at $39,000. International Assets Investment Management LLC grew its holdings in shares of NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after purchasing an additional 2,735 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of NOV in the third quarter valued at $48,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of NOV in the second quarter valued at $78,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director David D. Harrison sold 1,784 shares of NOV stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the sale, the director now owns 110,951 shares of the company’s stock, valued at $1,786,311.10. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Piper Sandler assumed coverage on NOV in a research report on Thursday, December 19th. They issued a “neutral” rating and a $17.00 price target for the company. Wells Fargo & Company decreased their target price on NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a research report on Monday, November 4th. JPMorgan Chase & Co. decreased their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Bank of America decreased their price objective on NOV from $22.00 to $20.00 and set a “buy” rating for the company in a report on Monday, October 14th. Finally, Citigroup downgraded NOV from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, NOV presently has a consensus rating of “Hold” and an average price target of $20.14.

NOV Price Performance

Shares of NOV stock opened at $14.52 on Friday. NOV Inc. has a fifty-two week low of $13.94 and a fifty-two week high of $21.23. The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of 5.36, a PEG ratio of 0.87 and a beta of 1.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. The stock’s 50-day simple moving average is $15.37 and its 200-day simple moving average is $16.62.

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a dividend of $0.075 per share. The ex-dividend date was Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.07%. NOV’s payout ratio is 11.07%.

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.