1,572,255 Shares in NOV Inc. $NOV Acquired by Caisse de depot et placement du Quebec

Key Points

• Caisse de dépôt et placement du Québec acquired 1.57 million NOV shares worth approximately $29.2 million, representing about 0.44% of the company. Institutional investors collectively own 93.27% of NOV.
• NOV beat quarterly earnings expectations, reporting $0.31 in EPS versus the $0.17 consensus and $2.13 billion in revenue, although revenue declined 2.5% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $21.31 price target. NOV also declared a quarterly dividend of $0.09 per share, implying a 1.7% yield.

Caisse de depot et placement du Quebec bought a new position in shares of NOV Inc. (NYSE:NOV - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,572,255 shares of the oil and gas exploration company's stock, valued at approximately $29,165,000. Caisse de depot et placement du Quebec owned approximately 0.44% of NOV as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Royal Bank of Canada lifted its stake in NOV by 15.6% in the first quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company's stock worth $756,000 after acquiring an additional 6,711 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of NOV by 35.5% during the 1st 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 purchasing an additional 42,462 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of NOV by 17.4% during 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 worth $16,168,000 after purchasing an additional 157,385 shares in the last quarter. Focus Partners Wealth acquired a new stake in NOV in the first quarter valued at $214,000. Finally, Cetera Investment Advisers purchased a new stake in NOV during the 2nd quarter worth about $190,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Insider Buying and Selling

In related news, Director David D. Harrison sold 9,594 shares of the stock in a transaction 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 completion of the sale, the director owned 126,763 shares in the company, valued at $2,435,117.23. This represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.15% of the stock is currently owned by company insiders.

NOV Trading Up 1.1%

NYSE:NOV opened at $20.99 on Friday. The company has a market capitalization of $7.48 billion, a PE ratio of 80.73 and a beta of 0.92. NOV Inc. has a 52-week low of $12.28 and a 52-week high of $21.67. The stock's 50 day moving average price is $19.63 and its 200 day moving average price is $19.71. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.14. The company had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%.The firm's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 earnings per share. On average, research analysts anticipate that NOV Inc. will post 0.99 EPS for the current year.

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a $0.09 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.36 annualized dividend and a yield of 1.7%. NOV's dividend payout ratio is 138.46%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NOV. TD Cowen upped their price target on NOV from $25.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Susquehanna raised their price objective on shares of NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a report on Thursday, July 30th. Weiss Ratings restated a "hold (c)" rating on shares of NOV in a research report on Wednesday, June 24th. Barclays lowered their target price on shares of NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a report on Friday, July 31st. Finally, Citigroup lifted their price target on shares of NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, June 18th. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $21.31.

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.

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