Empowered Funds LLC grew its holdings in shares of NOV Inc. (NYSE:NOV – Free Report) by 2,302.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 325,892 shares of the oil and gas exploration company’s stock after purchasing an additional 312,329 shares during the period. Empowered Funds LLC’s holdings in NOV were worth $6,130,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in NOV by 15.6% during the first quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company’s stock valued at $756,000 after purchasing an additional 6,711 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in NOV by 35.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company’s stock worth $2,465,000 after buying an additional 42,462 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of NOV by 17.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company’s stock valued at $16,168,000 after buying an additional 157,385 shares in the last quarter. Focus Partners Wealth bought a new position in shares of NOV in the first quarter valued at $214,000. Finally, Cetera Investment Advisers acquired a new stake in shares of NOV during the 2nd quarter valued at $190,000. Institutional investors and hedge funds own 93.27% of the company’s stock.
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
NOV Stock Up 0.6%
NOV (NYSE:NOV – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%.The firm had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.08 billion. During the same period last year, the company posted $0.29 EPS. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts forecast that NOV Inc. will post 0.95 earnings per share for the current fiscal year.
NOV Announces Dividend
The business also recently declared a special dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given a $0.09 dividend. This represents a dividend yield of 170.0%. The ex-dividend date of this dividend was Friday, June 12th. NOV’s dividend payout ratio is 138.46%.
Insider Activity at NOV
In related news, Director David D. Harrison sold 9,594 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $19.21, for a total transaction of $184,300.74. Following the transaction, the director directly owned 126,763 shares of the company’s stock, valued at approximately $2,435,117.23. The trade was a 7.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.15% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the company. TD Cowen raised their price objective on NOV from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday. Susquehanna upped their target price on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a report on Thursday. Stifel Nicolaus increased their price target on NOV from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Zacks Research raised NOV from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Finally, The Goldman Sachs Group set a $19.00 price objective on NOV in a report on Wednesday, June 3rd. 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 stock. According to MarketBeat, NOV presently has a consensus rating of “Hold” and a consensus price target of $21.31.
Get Our Latest Analysis on NOV
NOV 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.
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