BlackRock Fund Advisors recently announced the acquisition of new stake in NOV Inc (NYSE:NOV). The institutional investor has increased its shareholding in the Energy company by 1.09% to 32.33 million shares with purchase of 0.35 million shares. This fresh investment now brings its stake to 8.21% valued currently at $608.44 million. In addition, Fidelity Management & Research Co raised its holdings by 4.24 million to 17.3 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.62% or 87593.0 shares – to 14.23 million shares.
Currently, there are 392.83M common shares owned by the public and among those 391.13M shares have been available to trade.
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Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 628,712 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 248,637 shares.
The top 3 mutual fund holders in NOV Inc are First Eagle Global Fund, Vanguard Total Stock Market ETF, and iShares Core S&P Mid Cap ETF. First Eagle Global Fund owns 26.91 million shares of the company’s stock, all valued at over $506.36 million. Vanguard Total Stock Market ETF bought 59175.0 shares to see its total holdings expand to 12.35 million shares valued at over $232.38 million and representing 3.13% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 2155.0 shares to bring its total holdings to over 12.15 million shares at a value of $228.61 million. iShares Core S&P Mid Cap ETF now owns shares totaling to 3.08% of the shares outstanding.
The company’s stock has a 5-day price change of 9.92% and -0.97% over the past three months. NOV shares are trading -2.44% year to date (YTD), with the 12-month market performance up to 2.67% higher. It has a 12-month low price of $14.05 and touched a high of $24.83 over the same period. NOV has an average intraday trading volume of 3.37 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.98%, 4.43%, and 9.64% respectively.
Institutional ownership of NOV Inc (NYSE: NOV) shares accounts for 96.88% of the company’s 392.83M shares outstanding. Mutual fund holders own 34.39%, while other institutional holders and individual stakeholders account for 62.88% and 0.94% respectively.
It has a market capitalization of $8.03B and a beta (3y monthly) value of 1.79. The stock’s trailing 12-month PE ratio is 16.15, while the earnings-per-share (ttm) stands at $1.26. The company has a PEG of 0.50 and a Quick Ratio of 1.43 with the debt-to-equity ratio at 0.43. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.90% over the week and 2.70% over the month.
Analysts forecast that NOV Inc (NOV) will achieve an EPS of $0.42 for the current quarter, $0.34 for the next quarter and $1.71 for 2024. The lowest estimate earnings-per-share for the quarter is $0.37 while analysts give the company a high EPS estimate of $0.62. Comparatively, EPS for the current quarter was $0.26 a year ago. Earnings per share for the fiscal year are expected to increase by 177.17%, and 24.33% over the next financial year.
Looking at the support for the NOV, a number of firms have released research notes about the stock. JP Morgan stated their Overweight rating for the stock in a research note on December 08, 2023, with the firm’s price target at $22-$25.
