Van ECK Associates Corp Has $75.66 Million Holdings in NOV Inc. (NYSE:NOV)

Van ECK Associates Corp raised its stake in NOV Inc. (NYSE:NOV) by 22.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,182,044 shares of the oil and gas exploration company’s stock after buying an additional 938,866 shares during the quarter. Van ECK Associates Corp’s holdings in NOV were worth $75,658,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOV. Sanctuary Advisors LLC acquired a new stake in shares of NOV in the 2nd quarter valued at approximately $285,000. nVerses Capital LLC bought a new stake in NOV in the third quarter valued at approximately $487,000. DiNuzzo Private Wealth Inc. increased its stake in NOV by 10,701.6% in the third quarter. DiNuzzo Private Wealth Inc. now owns 6,913 shares of the oil and gas exploration company’s stock valued at $110,000 after purchasing an additional 6,849 shares in the last quarter. Blue Trust Inc. raised its holdings in NOV by 851.1% in the third quarter. Blue Trust Inc. now owns 5,859 shares of the oil and gas exploration company’s stock worth $94,000 after purchasing an additional 5,243 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of NOV by 3.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,113,452 shares of the oil and gas exploration company’s stock worth $49,722,000 after purchasing an additional 91,013 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

Insider Activity

In other news, Director David D. Harrison sold 1,784 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total value of $28,722.40. Following the completion of the transaction, the director now owns 110,951 shares in the company, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.85% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on NOV shares. ATB Capital reaffirmed a “sector perform” rating and set a $19.00 price objective on shares of NOV in a research note on Tuesday, December 10th. Royal Bank of Canada raised their price objective on NOV from $21.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 6th. Raymond James raised their price objective on NOV from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, February 6th. Piper Sandler raised their price objective on NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, TD Cowen dropped their price objective on 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, nine have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $19.53.

NOV Price Performance

Shares of NYSE NOV opened at $15.92 on Friday. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 9.89, a PEG ratio of 1.00 and a beta of 1.64. The business has a 50-day moving average of $14.91 and a 200-day moving average of $16.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.65. NOV Inc. has a fifty-two week low of $13.94 and a fifty-two week high of $21.20.

NOV (NYSE:NOV) last announced its quarterly earnings data on Tuesday, February 4th. The oil and gas exploration company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.06. NOV had a return on equity of 9.88% and a net margin of 7.16%. As a group, sell-side analysts predict that NOV Inc. will post 1.42 earnings per share for the current fiscal year.

NOV 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.