Quantbot Technologies LP purchased a new position in NOV Inc. (NYSE:NOV – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 28,157 shares of the oil and gas exploration company’s stock, valued at approximately $522,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in NOV during the 2nd quarter valued at about $697,976,000. Pzena Investment Management LLC bought a new stake in NOV in the second quarter valued at approximately $674,776,000. Dimensional Fund Advisors LP boosted its stake in shares of NOV by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 19,404,319 shares of the oil and gas exploration company’s stock valued at $364,987,000 after purchasing an additional 431,684 shares during the period. First Trust Advisors LP grew its holdings in shares of NOV by 2.3% in the first quarter. First Trust Advisors LP now owns 7,192,735 shares of the oil and gas exploration company’s stock worth $135,295,000 after purchasing an additional 158,788 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of NOV by 14.8% in the third quarter. Bank of America Corp DE now owns 5,346,302 shares of the oil and gas exploration company’s stock worth $70,839,000 after purchasing an additional 689,427 shares during the last quarter. 93.27% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on the stock. Citigroup upped their price target on shares of NOV from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, June 18th. Morgan Stanley set a $21.00 price objective on shares of NOV in a research report on Wednesday, July 15th. Capital One Financial upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price for the company in a report on Thursday, June 4th. The Goldman Sachs Group set a $19.00 target price on NOV in a research note on Wednesday, June 3rd. Finally, Susquehanna boosted their price target on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $21.31.
Insider Activity
In other news, Director David D. Harrison sold 9,594 shares of the stock in a transaction that occurred 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 transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.15% of the company’s stock.
NOV Stock Up 3.0%
Shares of NOV stock opened at $20.83 on Friday. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27. NOV Inc. has a 12-month low of $12.28 and a 12-month high of $21.67. The company has a market cap of $7.43 billion, a P/E ratio of 80.13 and a beta of 0.92. The company’s fifty day simple moving average is $19.58 and its two-hundred day simple moving average is $19.71.
NOV (NYSE:NOV – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. NOV had a net margin of 1.10% and a return on equity of 3.44%. The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same quarter in the previous year, the company earned $0.29 earnings per share. NOV’s quarterly revenue was down 2.5% on a year-over-year basis. Research analysts anticipate that NOV Inc. will post 0.99 EPS for the current year.
NOV Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be issued a dividend of $0.09 per share. The ex-dividend date is Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.7%. NOV’s dividend payout ratio is 138.46%.
About NOV
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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