Principal Financial Group Inc. Reduces Stake in NOV Inc. by 2.1%

Principal Financial Group Inc. has reduced its stake in NOV Inc. (NYSE:NOV) by 2.1% during the fourth quarter of the fiscal year, according to recent reports. Following the sale of 19,192 shares during this period, Principal Financial Group now holds 892,218 shares in the oil and gas exploration firm. The value of these holdings is approximately $13,026,000, as indicated in their latest filing with the Securities and Exchange Commission.

A number of other institutions have also adjusted their positions in NOV. For instance, UMB Bank n.a. significantly increased its stake by 222.3%, acquiring an additional 1,612 shares during the fourth quarter and now owning a total of 2,337 shares worth around $34,000. Similarly, Quarry LP initiated a new investment in NOV in the third quarter, which is valued at about $36,000. Also, R Squared Ltd acquired shares valued at approximately $44,000 during the fourth quarter. In a considerable move, International Assets Investment Management LLC expanded its position by 1,590.1%, purchasing 2,735 additional shares and bringing its total to 2,907 shares valued at $46,000. Finally, Brooklyn Investment Group also established a new stake in NOV worth $48,000 in the third quarter. It is noteworthy that institutional investors own around 93.27% of the stock.

Market Analysts Project Future Growth

Market analysts have provided insights on NOV's stock performance. Raymond James raised their target price from $18.00 to $19.00, indicating an 'outperform' rating as of February 6th. Conversely, Citigroup downgraded NOV from a 'buy' rating to 'neutral' and adjusted their price target from $21.00 to $18.00 in a report from November 11th. Analysts at Barclays increased their price objective from $12.00 to $13.00, classifying the stock as 'underweight' in their analysis on February 18th. Additionally, Piper Sandler also upped their price target for NOV from $17.00 to $18.00, maintaining a 'neutral' rating. Seaport Res Ptn, however, downgraded NOV from a 'strong-buy' rating to 'hold.' Overall, two analysts have issued sell ratings, nine have suggested holding, and seven have rated the stock as a buy. As a result, NOV holds a consensus rating of 'Hold' with an average target price of $19.60 based on data from MarketBeat.

Stock Performance Overview

On the trading floor, NOV shares opened at $15.02 recently. The company shows a current ratio of 2.46, a quick ratio of 1.64, and maintains a debt-to-equity ratio of 0.26. Its fifty-day simple moving average stands at $15.00, while the two-hundred-day simple moving average is at $15.81. Over the past year, NOV's stock has reached a low of $13.94 and a high of $21.20. The company's market capitalization is approximately $5.72 billion, showing a P/E ratio of 9.33 and a price-to-earnings-growth ratio of 1.02, with a beta of 1.64.

In its last earnings announcement on February 4th, NOV reported an Earnings Per Share (EPS) of $0.41 for the quarter, outperforming the consensus estimate of $0.35 by $0.06. The firm reported a return on equity of 9.88% along with a net margin of 7.16%. Analysts forecast that NOV Inc. is expected to post an EPS of 1.4 for the current year.

Quarterly Dividend Announcement

The company has also announced a quarterly dividend that is scheduled for payment on March 28th. Shareholders recorded as of March 14th will receive a dividend of $0.075 per share. The ex-dividend date has been set for March 14th, representing an annualized dividend of $0.30 and a dividend yield of 2.00%. NOV's current dividend payout ratio is about 18.63%.

About NOV Inc.

NOV Inc. designs, manufactures, and sells various systems and components aimed at the oil and gas drilling and production sectors, including industrial and renewable energy sectors, both in the United States and internationally. The company operates through two primary segments: Energy Equipment and Energy Products and Services. It provides services and equipment related to solids control and waste management, managed pressure drilling, drilling fluids, premium drill pipe, wired pipe, drilling optimization solutions, and inspect and coat tubular services, including instrumentation, downhole tools, and drill bits.

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