Principal Financial Group Inc. Has $14.56 Million Stake in NOV Inc. (NYSE:NOV)

Principal Financial Group Inc. trimmed its stake in shares of NOV Inc. (NYSE:NOV) by 30.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 911,410 shares of the oil and gas exploration company’s stock after selling 405,612 shares during the period. Principal Financial Group Inc. owned about 0.23% of NOV worth $14,555,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in NOV. Rothschild Investment LLC acquired a new stake in NOV in the 2nd quarter valued at $28,000. American National Bank & Trust acquired a new stake in NOV in the 3rd quarter valued at $39,000. International Assets Investment Management LLC increased its stake in NOV by 1,590.1% in the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after buying an additional 2,735 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in NOV in the 2nd quarter valued at $78,000. Finally, Signaturefd LLC increased its stake in NOV by 67.6% in the 2nd quarter. Signaturefd LLC now owns 4,443 shares of the oil and gas exploration company’s stock valued at $84,000 after buying an additional 1,792 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NOV has been the topic of several recent research reports. Susquehanna lowered their price target on shares of NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a research note on Monday, October 28th. BMO Capital Markets lowered their price objective on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research note on Thursday, October 10th. Citigroup lowered shares of 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 research note on Monday, November 11th. Benchmark restated a “hold” rating on shares of NOV in a research note on Friday, July 26th. Finally, TD Cowen lowered their price objective on shares of NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NOV currently has an average rating of “Hold” and a consensus target price of $21.64.

NOV Stock Performance

Shares of NOV stock opened at $15.96 on Friday. The company has a 50 day moving average of $16.02 and a 200-day moving average of $17.52. NOV Inc. has a 1-year low of $14.98 and a 1-year high of $21.23. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The company has a market cap of $6.21 billion, a PE ratio of 5.89, a price-to-earnings-growth ratio of 0.94 and a beta of 1.66.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Friday, December 6th. NOV’s dividend payout ratio is 11.07%.

NOV Company 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.