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Amalgamated Bank Trims Stock Holdings in NOV Inc. (NYSE:NOV)

Defense World · Sep 20, 2022 04:51

Amalgamated Bank trimmed its position in NOV Inc. (NYSE:NOV – Get Rating) by 2.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 272,254 shares of the oil and gas exploration company's stock after selling 7,613 shares during the period. Amalgamated Bank's holdings in NOV were worth $5,339,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Verition Fund Management LLC grew its stake in shares of NOV by 36.8% in the first quarter. Verition Fund Management LLC now owns 30,777 shares of the oil and gas exploration company's stock worth $604,000 after acquiring an additional 8,278 shares during the last quarter. Neuberger Berman Group LLC grew its stake in shares of NOV by 35.6% in the first quarter. Neuberger Berman Group LLC now owns 40,159 shares of the oil and gas exploration company's stock worth $789,000 after acquiring an additional 10,533 shares during the last quarter. Weiss Multi Strategy Advisers LLC bought a new position in shares of NOV during the first quarter valued at $410,000. Royal Bank of Canada lifted its holdings in shares of NOV by 273.2% during the first quarter. Royal Bank of Canada now owns 37,359 shares of the oil and gas exploration company's stock valued at $733,000 after purchasing an additional 27,348 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its holdings in shares of NOV by 23.7% during the first quarter. Guggenheim Capital LLC now owns 162,936 shares of the oil and gas exploration company's stock valued at $3,195,000 after purchasing an additional 31,175 shares in the last quarter. 97.86% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on NOV shares. Barclays upped their price target on NOV from $20.00 to $22.00 and gave the company an "equal weight" rating in a report on Wednesday, June 8th. Bank of America raised NOV from an "underperform" rating to a "neutral" rating and upped their price target for the company from $10.00 to $15.00 in a report on Friday, July 29th. The Goldman Sachs Group lowered their price target on NOV from $18.00 to $16.00 and set a "sell" rating on the stock in a report on Wednesday, July 13th. Morgan Stanley upped their price target on NOV from $18.00 to $19.00 and gave the company an "equal weight" rating in a report on Friday, July 29th. Finally, Benchmark started coverage on NOV in a report on Wednesday, August 24th. They set a "hold" rating on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $19.91.

NOV Stock Up 0.2 %

NYSE NOV opened at $17.15 on Tuesday. The stock's 50-day moving average price is $17.10 and its 200-day moving average price is $18.26. The company has a quick ratio of 1.61, a current ratio of 2.35 and a debt-to-equity ratio of 0.34. NOV Inc. has a 52 week low of $11.46 and a 52 week high of $24.06. The company has a market capitalization of $6.74 billion, a P/E ratio of -74.57 and a beta of 1.83.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Thursday, September 15th. NOV's dividend payout ratio (DPR) is currently -86.96%.

Insider Buying and Selling

In related news, Director Greg L. Armstrong sold 10,381 shares of the stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $18.99, for a total transaction of $197,135.19. Following the completion of the sale, the director now owns 82,724 shares in the company, valued at $1,570,928.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.59% of the stock is currently owned by company insiders.

NOV Profile

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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.