Edgestream Partners L.P. Sells 91,326 Shares of NOV Inc. (NYSE:NOV)

Edgestream Partners L.P. decreased its position in NOV Inc. (NYSE:NOV) by 46.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,309 shares of the oil and gas exploration company’s stock after selling 91,326 shares during the period. Edgestream Partners L.P.’s holdings in NOV were worth $1,666,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rothschild Investment LLC bought a new stake in NOV in the second quarter valued at about $28,000. American National Bank & Trust acquired a new position in shares of NOV during the 3rd quarter worth about $39,000. International Assets Investment Management LLC increased its stake in shares of NOV by 1,590.1% in the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after acquiring an additional 2,735 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of NOV in the 3rd quarter valued at approximately $48,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in NOV during the 2nd quarter worth approximately $78,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Price Performance

Shares of NYSE NOV opened at $16.18 on Wednesday. NOV Inc. has a fifty-two week low of $14.98 and a fifty-two week high of $21.23. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 5.97, a PEG ratio of 0.94 and a beta of 1.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65. The business has a 50-day moving average of $15.99 and a 200-day moving average of $17.30.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Friday, December 6th. NOV’s dividend payout ratio is currently 11.07%.

Analyst Upgrades and Downgrades

NOV has been the subject of several recent analyst reports. Susquehanna lowered their target price on shares of NOV from $22.00 to $21.00 and set a “positive” rating for the company in a research note on Monday, October 28th. Wells Fargo & Company dropped their price objective on NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. Morgan Stanley decreased their target price on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Barclays dropped their price target on NOV from $17.00 to $16.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 29th. Finally, Citigroup lowered NOV from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, NOV currently has an average rating of “Hold” and an average target price of $21.64.

Insider Buying and Selling at NOV

In other news, Director David D. Harrison sold 1,784 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the sale, the director now directly owns 110,951 shares of the company’s stock, valued at approximately $1,786,311.10. This represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.85% of the company’s stock.

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 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.