Pzena Investment Management LLC Acquires 7,851,220 Shares of NOV Inc. (NYSE:NOV)

Pzena Investment Management LLC raised its holdings in NOV Inc. (NYSE:NOV) by 22.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 43,027,106 shares of the oil and gas exploration company’s stock after acquiring an additional 7,851,220 shares during the quarter. NOV comprises 2.2% of Pzena Investment Management LLC’s portfolio, making the stock its 22nd largest position. Pzena Investment Management LLC owned approximately 0.11% of NOV worth $687,143,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NOV. Janney Montgomery Scott LLC lifted its stake in NOV by 41.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 19,223 shares of the oil and gas exploration company’s stock valued at $375,000 after acquiring an additional 5,646 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of NOV during the 1st quarter worth approximately $314,000. O Shaughnessy Asset Management LLC bought a new position in NOV during the 1st quarter worth $277,000. Advisors Asset Management Inc. lifted its position in NOV by 110.0% during the first quarter. Advisors Asset Management Inc. now owns 14,903 shares of the oil and gas exploration company’s stock worth $291,000 after purchasing an additional 7,806 shares during the period. Finally, Ariel Investments LLC grew its stake in NOV by 33.5% during the first quarter. Ariel Investments LLC now owns 2,122,818 shares of the oil and gas exploration company’s stock worth $41,437,000 after buying an additional 533,052 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NOV has been the topic of several recent analyst reports. Evercore ISI upgraded NOV to a “strong-buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. reduced their price target on NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 target price on shares of NOV in a research report on Monday, July 29th. TD Cowen cut their price target on shares of NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, October 28th. Finally, BMO Capital Markets reduced their price target on NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, NOV presently has an average rating of “Hold” and a consensus target price of $21.64.

NOV Price Performance

NOV stock traded up $0.13 during trading on Wednesday, hitting $16.12. 466,253 shares of the company’s stock traded hands, compared to its average volume of 3,699,419. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 5.90, a P/E/G ratio of 0.93 and a beta of 1.66. NOV Inc. has a 52 week low of $14.98 and a 52 week high of $21.23. 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 business has a fifty day simple moving average of $16.02 and a 200 day simple moving average of $17.47.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a yield of 1.86%. 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.