New York State Teachers Retirement System Cuts Holdings in NOV Inc. $NOV

New York State Teachers Retirement System trimmed its holdings in shares of NOV Inc. (NYSE:NOV) by 12.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 445,174 shares of the oil and gas exploration company’s stock after selling 63,706 shares during the period. New York State Teachers Retirement System’s holdings in NOV were worth $5,534,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of NOV during the 1st quarter worth approximately $36,000. Canandaigua National Trust Co of Florida raised its stake in shares of NOV by 114.0% during the 2nd quarter. Canandaigua National Trust Co of Florida now owns 77,394 shares of the oil and gas exploration company’s stock worth $962,000 after buying an additional 41,235 shares in the last quarter. Canandaigua National Bank & Trust Co. raised its stake in shares of NOV by 64.9% during the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 101,211 shares of the oil and gas exploration company’s stock worth $1,258,000 after buying an additional 39,848 shares in the last quarter. Empowered Funds LLC raised its stake in shares of NOV by 2,266.9% during the 1st quarter. Empowered Funds LLC now owns 509,555 shares of the oil and gas exploration company’s stock worth $7,755,000 after buying an additional 488,027 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of NOV by 172.9% during the 1st quarter. GAMMA Investing LLC now owns 4,320 shares of the oil and gas exploration company’s stock worth $66,000 after buying an additional 2,737 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NOV. JPMorgan Chase & Co. downgraded NOV from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $17.00 to $15.00 in a research note on Wednesday, July 30th. Susquehanna set a $17.00 price objective on NOV and gave the company a “positive” rating in a research note on Wednesday, July 30th. Zacks Research raised NOV from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of NOV in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada dropped their price objective on NOV from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Wednesday, July 30th. Six equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.79.

NOV Price Performance

Shares of NYSE:NOV opened at $12.77 on Tuesday. The business’s fifty day moving average price is $12.97 and its two-hundred day moving average price is $12.76. The stock has a market cap of $4.74 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 3.77 and a beta of 1.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.72 and a current ratio of 2.58. NOV Inc. has a one year low of $10.84 and a one year high of $16.86.

NOV (NYSE:NOV) last announced its earnings results on Monday, July 28th. The oil and gas exploration company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. NOV had a net margin of 5.36% and a return on equity of 7.25%. NOV’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 EPS. NOV has set its Q3 2025 guidance at EPS. On average, analysts forecast that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, September 12th. NOV’s dividend payout ratio is 24.59%.

About NOV

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.