Massachusetts Financial Services Co. MA Boosts Stock Position in NOV Inc. (NYSE:NOV)

Massachusetts Financial Services Co. MA boosted its holdings in shares of NOV Inc. (NYSE:NOV) by 5.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 459,669 shares of the oil and gas exploration company’s stock after purchasing an additional 23,966 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in NOV were worth $7,042,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of NOV. Dimensional Fund Advisors LP grew its position in shares of NOV by 1,313.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,554,524 shares of the oil and gas exploration company’s stock worth $76,207,000 after acquiring an additional 5,161,414 shares in the last quarter. Van ECK Associates Corp boosted its position in NOV by 112.2% during the 2nd quarter. Van ECK Associates Corp now owns 8,034,117 shares of the oil and gas exploration company’s stock valued at $123,083,000 after purchasing an additional 4,247,329 shares during the period. Contrarius Investment Management Ltd boosted its position in NOV by 130.2% during the 2nd quarter. Contrarius Investment Management Ltd now owns 6,225,727 shares of the oil and gas exploration company’s stock valued at $95,378,000 after purchasing an additional 3,521,448 shares during the period. Ameriprise Financial Inc. acquired a new position in NOV during the 1st quarter valued at approximately $35,772,000. Finally, FIL Ltd boosted its position in NOV by 19,582,527.3% during the 1st quarter. FIL Ltd now owns 2,154,089 shares of the oil and gas exploration company’s stock valued at $29,554,000 after purchasing an additional 2,154,078 shares during the period. Institutional investors own 92.86% of the company’s stock.

A number of research firms have recently commented on NOV. Bank of America raised NOV from a “neutral” rating to a “buy” rating in a research note on Friday, July 16th. Seaport Global Securities began coverage on NOV in a report on Thursday, July 15th. They set a “buy” rating and a $19.00 price target on the stock. COKER & PALMER upgraded NOV from a “sector underperform” rating to a “sector perform” rating in a research note on Monday, August 30th. BMO Capital Markets upgraded NOV from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $14.00 to $15.00 in a research note on Monday, July 19th. Finally, Wells Fargo & Company initiated coverage on NOV in a research note on Sunday, September 26th. They set a “sell” rating and a $12.00 price target for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $16.23.

NOV stock opened at $14.42 on Thursday. The business’s fifty day moving average is $13.28 and its 200-day moving average is $14.48. The company has a quick ratio of 1.98, a current ratio of 2.71 and a debt-to-equity ratio of 0.33. The company has a market cap of $5.63 billion, a P/E ratio of -10.23 and a beta of 2.31. NOV Inc. has a twelve month low of $7.70 and a twelve month high of $18.02.

NOV (NYSE:NOV) last posted its quarterly earnings results on Tuesday, July 27th. The oil and gas exploration company reported ($0.04) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.09. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.37 billion. NOV had a negative return on equity of 5.46% and a negative net margin of 10.10%. Research analysts anticipate that NOV Inc. will post -0.5 earnings per share for the current fiscal year.

NOV Company Profile

NOV, Inc provides equipment and technology to the upstream oil and gas industry. It operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment monitors its capital equipment backlog to plan its business. The Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations and offers services that optimize their performance.

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Institutional Ownership by Quarter for NOV (NYSE:NOV)

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