4,178,984 Shares in NOV Inc. $NOV Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 4.18 million NOV shares worth approximately $77.5 million during the second quarter, representing about 1.17% of the company. Institutional investors collectively own 93.27% of NOV.
• NOV reported quarterly EPS of $0.31, exceeding the $0.17 analyst consensus, while revenue reached $2.13 billion. However, revenue declined 2.5% year over year.
• Shares opened at $20.09, down 2.2%, with analysts maintaining a consensus “Hold” rating and an average price target of $21.31. NOV also declared a quarterly dividend of $0.09 per share, yielding approximately 1.8%.

Bank of America Corp DE bought a new stake in NOV Inc. (NYSE:NOV - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 4,178,984 shares of the oil and gas exploration company's stock, valued at approximately $77,520,000. Bank of America Corp DE owned about 1.17% of NOV at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of NOV. BlackRock Inc. purchased a new position in NOV during the 2nd quarter valued at about $697,976,000. Pzena Investment Management LLC acquired a new stake in shares of NOV in the 2nd quarter worth $674,776,000. Dimensional Fund Advisors LP grew its stake in shares of NOV by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 19,404,319 shares of the oil and gas exploration company's stock worth $364,987,000 after purchasing an additional 431,684 shares during the period. First Trust Advisors LP grew its position in NOV by 2.3% during 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 buying an additional 158,788 shares during the period. Finally, Bank of New York Mellon Corp raised its position in NOV by 2.7% during the first quarter. Bank of New York Mellon Corp now owns 3,248,697 shares of the oil and gas exploration company's stock worth $61,108,000 after acquiring an additional 86,733 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Stock Down 2.2%

Shares of NOV stock opened at $20.09 on Friday. NOV Inc. has a 12-month low of $12.28 and a 12-month high of $21.93. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $7.16 billion, a P/E ratio of 77.26 and a beta of 0.94. The stock has a 50 day moving average price of $20.43 and a two-hundred day moving average price of $19.86.

NOV (NYSE:NOV - Get Free Report) last issued 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 return on equity of 3.44% and a net margin of 1.10%.The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the previous year, the company posted $0.29 earnings per share. The company's quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts expect that NOV Inc. will post 0.99 earnings per share for the current year.

NOV Dividend Announcement

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. This represents a $0.36 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 11th. NOV's dividend payout ratio is 138.46%.

Insider Buying and Selling

In other news, Director David Harrison sold 9,594 shares of the company's 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 sale, the director directly owned 126,763 shares in the company, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on NOV shares. The Goldman Sachs Group set a $19.00 target price on NOV in a research report on Wednesday, June 3rd. Citigroup upped their price objective on NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, June 18th. Barclays reduced their price target on NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a research report on Friday, July 31st. Susquehanna upped their price objective on NOV from $22.00 to $24.00 and gave the company a "positive" rating in a report on Thursday, July 30th. Finally, Zacks Research cut shares of NOV from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 26th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $21.31.

NOV Company Profile

NOV Inc is a global provider of equipment, technologies and services used in the oil and gas industry. The company supplies products for drilling, well construction, completion and production operations, serving onshore and offshore customers across the energy value chain.

Its offerings include land and offshore drilling equipment, rig systems, drilling tools, tubular-handling equipment, wellbore technologies, completion tools and production systems. NOV also provides aftermarket parts, technical support, repair and maintenance services, and other solutions intended to improve the efficiency, safety and reliability of energy operations.

NOV serves customers in major energy-producing regions around the world through manufacturing, service and distribution operations.

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