Hsbc Holdings PLC Lowers Stake in NOV Inc. (NYSE:NOV)

Hsbc Holdings PLC cut its position in shares of NOV Inc. (NYSE:NOV) by 13.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 488,299 shares of the oil and gas exploration company’s stock after selling 76,238 shares during the quarter. Hsbc Holdings PLC’s holdings in NOV were worth $7,148,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Huntington National Bank grew its holdings in NOV by 88.7% in the fourth quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock valued at $32,000 after purchasing an additional 1,034 shares during the period. Covestor Ltd grew its holdings in NOV by 282.9% in the fourth quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock valued at $33,000 after purchasing an additional 1,655 shares during the period. UMB Bank n.a. grew its holdings in NOV by 222.3% in the fourth quarter. UMB Bank n.a. now owns 2,337 shares of the oil and gas exploration company’s stock valued at $34,000 after purchasing an additional 1,612 shares during the period. Signaturefd LLC grew its holdings in NOV by 41.3% in the fourth quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock valued at $38,000 after purchasing an additional 756 shares during the period. Finally, CoreFirst Bank & Trust purchased a new stake in NOV in the fourth quarter valued at approximately $41,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Stock Performance

Shares of NOV stock opened at $12.23 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 2.46. NOV Inc. has a 1 year low of $10.84 and a 1 year high of $21.20. The firm’s 50-day simple moving average is $13.76 and its 200-day simple moving average is $14.80. The firm has a market cap of $4.63 billion, a PE ratio of 7.60, a price-to-earnings-growth ratio of 1.02 and a beta of 1.35.

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, topping analysts’ consensus estimates of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. Equities analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a $0.075 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.30 dividend on an annualized basis and a yield of 2.45%. NOV’s dividend payout ratio (DPR) is 18.63%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NOV shares. Barclays boosted their target price on shares of NOV from $12.00 to $13.00 and gave the company an “underweight” rating in a report on Tuesday, February 18th. Piper Sandler boosted their target price on shares of NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Raymond James lifted their price target on shares of NOV from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Evercore ISI reaffirmed an “in-line” rating and set a $18.00 price target (down from $25.00) on shares of NOV in a research report on Wednesday, January 15th. Finally, Royal Bank of Canada raised shares of NOV from a “sector perform” rating to an “outperform” rating and set a $22.00 price target on the stock in a research report on Monday, March 24th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $19.00.

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.