NOV Inc. (NYSE:NOV) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its position in NOV Inc. (NYSE:NOV) by 50.3% in the third quarter, HoldingsChannel reports. The fund owned 478,259 shares of the oil and gas exploration company’s stock after selling 484,229 shares during the quarter. Retirement Systems of Alabama’s holdings in NOV were worth $7,638,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Rothschild Investment LLC acquired a new position in NOV in the 2nd quarter worth about $28,000. Quarry LP purchased a new stake in shares of NOV in the third quarter valued at approximately $36,000. American National Bank & Trust purchased a new stake in shares of NOV in the third quarter valued at approximately $39,000. International Assets Investment Management LLC raised its stake in shares of NOV by 1,590.1% during the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after buying an additional 2,735 shares during the period. Finally, Brooklyn Investment Group purchased a new position in shares of NOV during the 3rd quarter valued at approximately $48,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NOV. Bank of America reduced their price objective on shares of NOV from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, October 14th. BMO Capital Markets reduced their price target on shares of NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Thursday, October 10th. Citigroup cut NOV from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $21.00 to $18.00 in a report on Monday, November 11th. Stifel Nicolaus reduced their target price on NOV from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 28th. Finally, Morgan Stanley lowered their price target on NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, NOV has a consensus rating of “Hold” and a consensus target price of $20.64.

Insider Buying and Selling

In other NOV news, Director David D. Harrison sold 1,784 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the transaction, the director now owns 110,951 shares of the company’s stock, valued at $1,786,311.10. This represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.85% of the stock is currently owned by company insiders.

NOV Price Performance

Shares of NOV stock opened at $14.56 on Wednesday. The firm’s 50-day moving average is $15.77 and its two-hundred day moving average is $17.04. NOV Inc. has a 12 month low of $14.48 and a 12 month high of $21.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65. The company has a market capitalization of $5.66 billion, a PE ratio of 5.37, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Friday, December 6th. NOV’s dividend payout ratio is presently 11.07%.

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.