Shelton Capital Management Sells 749 Shares of NOV Inc. (NYSE:NOV)

Shelton Capital Management lowered its position in NOV Inc. (NYSE:NOV) by 3.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 19,365 shares of the oil and gas exploration company’s stock after selling 749 shares during the period. Shelton Capital Management’s holdings in NOV were worth $311,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd increased its stake in NOV by 94.4% during the 1st quarter. Covestor Ltd now owns 1,287 shares of the oil and gas exploration company’s stock worth $25,000 after purchasing an additional 625 shares in the last quarter. Ellevest Inc. raised its holdings in shares of NOV by 92.4% during the first quarter. Ellevest Inc. now owns 1,599 shares of the oil and gas exploration company’s stock worth $30,000 after acquiring an additional 768 shares during the period. Acadian Asset Management LLC bought a new stake in NOV in the 1st quarter valued at $34,000. Belpointe Asset Management LLC boosted its stake in NOV by 66.0% in the 1st quarter. Belpointe Asset Management LLC now owns 2,491 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 990 shares during the period. Finally, First Horizon Advisors Inc. increased its holdings in NOV by 18.6% during the 2nd quarter. First Horizon Advisors Inc. now owns 3,268 shares of the oil and gas exploration company’s stock worth $52,000 after purchasing an additional 512 shares in the last quarter. 93.19% of the stock is owned by institutional investors and hedge funds.

NOV Price Performance

NYSE:NOV opened at $19.27 on Tuesday. The company has a quick ratio of 1.43, a current ratio of 2.39 and a debt-to-equity ratio of 0.31. NOV Inc. has a 12-month low of $14.05 and a 12-month high of $24.83. The firm has a market capitalization of $7.59 billion, a price-to-earnings ratio of 15.29, a P/E/G ratio of 0.28 and a beta of 1.87. The stock’s 50 day moving average price is $20.06 and its two-hundred day moving average price is $18.54.

NOV (NYSE:NOV) last released its earnings results on Thursday, October 26th. The oil and gas exploration company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.06). The business had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.13 billion. NOV had a net margin of 6.00% and a return on equity of 9.28%. The business’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.08 EPS. On average, analysts anticipate that NOV Inc. will post 1.41 earnings per share for the current year.

NOV Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 22nd. Investors of record on Friday, December 8th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.20 dividend on an annualized basis and a yield of 1.04%. NOV’s dividend payout ratio is currently 15.87%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Citigroup boosted their price target on NOV from $21.00 to $26.00 and gave the company a “buy” rating in a report on Monday, July 31st. Barclays cut shares of NOV from an “equal weight” rating to an “underweight” rating and set a $20.00 price target for the company. in a research note on Tuesday, October 17th. Wells Fargo & Company increased their target price on shares of NOV from $20.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 3rd. StockNews.com raised shares of NOV from a “sell” rating to a “hold” rating in a research report on Tuesday, November 14th. Finally, Morgan Stanley raised their price objective on NOV from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $24.00.

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 worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.