NOV Inc. (NYSE:NOV – Get Free Report) Director David Harrison sold 9,594 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the sale, the director owned 126,763 shares of the company’s stock, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
NOV Trading Up 0.6%
NYSE NOV traded up $0.12 on Friday, hitting $19.42. 3,899,106 shares of the stock were exchanged, compared to its average volume of 4,622,583. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.42. NOV Inc. has a 52-week low of $11.77 and a 52-week high of $21.55. The firm has a market capitalization of $6.97 billion, a P/E ratio of 74.68 and a beta of 0.91. The stock has a fifty day moving average price of $19.63 and a two-hundred day moving average price of $19.42.
NOV (NYSE:NOV – Get Free Report) last announced its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.14. The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.29 earnings per share. Research analysts forecast that NOV Inc. will post 0.9 EPS for the current fiscal year.
NOV Announces Dividend
Key NOV News
Here are the key news stories impacting NOV this week:
- Positive Sentiment: NOV’s second-quarter results exceeded expectations, with EPS of $0.31 versus the $0.17 consensus and revenue of approximately $2.13 billion versus estimates of $2.08 billion. Strength in the Energy Equipment segment, record profitability and constructive third-quarter guidance helped offset the year-over-year revenue decline. NOV Q2 Earnings Surpass Estimates, Revenues Decrease Year Over Year
- Positive Sentiment: Zacks Research upgraded NOV from “hold” to “strong-buy,” adding a bullish signal after the earnings report. Zacks Research Upgrade
- Neutral Sentiment: Analyst targets remain above the current trading level, with a six-month median target of $21.00 and several recent targets at $22.00-$23.00. However, the range includes a $20.00 target, indicating limited consensus on near-term upside.
- Neutral Sentiment: Institutional activity was mixed: 252 investors added NOV shares in the latest quarter, while 155 reduced positions. Several large funds made substantial cuts, partially offset by additions from Jupiter Asset Management and T. Rowe Price.
- Negative Sentiment: Director David D. Harrison sold 9,594 shares worth about $184,300. The sale adds to a broader pattern of six insider sales and no purchases over the past six months, which may weigh on investor confidence. Insider Sale at NOV
- Negative Sentiment: Barclays lowered its price target from $21 to $20 and maintained an “underweight” rating, citing restrained upside potential. Barclays Lowers NOV Price Target
- Negative Sentiment: Industry conditions remain difficult as softer oilfield-equipment demand and conservative upstream capital spending create headwinds for NOV and its peers. Oilfield Equipment Industry Outlook
Analyst Upgrades and Downgrades
NOV has been the topic of several recent analyst reports. Zacks Research upgraded NOV from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Barclays dropped their price objective on NOV from $21.00 to $20.00 and set an “underweight” rating for the company in a report on Friday. Susquehanna increased their target price on NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a research note on Thursday. The Goldman Sachs Group set a $19.00 target price on NOV in a research report on Wednesday, June 3rd. Finally, Capital One Financial raised shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price for the company in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, NOV presently has a consensus rating of “Hold” and a consensus target price of $21.31.
Check Out Our Latest Stock Report on NOV
Institutional Trading of NOV
Several institutional investors and hedge funds have recently modified their holdings of NOV. Fifth Third Wealth Advisors LLC raised its holdings in shares of NOV by 4.5% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 12,484 shares of the oil and gas exploration company’s stock worth $235,000 after acquiring an additional 541 shares during the period. Altshuler Shaham Ltd grew its holdings in shares of NOV by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock valued at $38,000 after purchasing an additional 546 shares during the period. Root Financial Partners LLC grew its holdings in shares of NOV by 39.9% in the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock valued at $36,000 after purchasing an additional 552 shares during the period. State of Michigan Retirement System increased its position in NOV by 0.7% during the first quarter. State of Michigan Retirement System now owns 86,777 shares of the oil and gas exploration company’s stock worth $1,632,000 after purchasing an additional 600 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in NOV by 9.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 7,384 shares of the oil and gas exploration company’s stock worth $115,000 after purchasing an additional 611 shares during the period. Institutional investors own 93.27% of the company’s stock.
NOV Company Profile
National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.
NOV’s business is organized to serve upstream energy companies around the world.
Featured Articles
- Five stocks we like better than NOV
- Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector
- Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case
- Apple’s Record Quarter Could Not Outrun Its Guidance Problem
- McKesson’s Compounding Keeps Adding Up
Receive News & Ratings for NOV Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NOV and related companies with MarketBeat.com's FREE daily email newsletter.
