Algert Global LLC Sells 231,350 Shares of NOV Inc. $NOV

Key Points

• Algert Global reduced its NOV position by 34.4%, selling 231,350 shares in the second quarter and retaining 440,660 shares valued at approximately $8.17 million. Institutional investors collectively own 93.27% of the company.
• NOV reported quarterly earnings of $0.31 per share, beating estimates of $0.17, while revenue of $2.13 billion also exceeded expectations. However, revenue declined 2.5% year over year.
• Analyst sentiment remains mixed but improved recently, with several firms raising price targets or upgrading the stock; NOV’s consensus rating is “Hold” with an average price target of $21.31. The company also declared a quarterly dividend of $0.09 per share, yielding about 1.8%.

Algert Global LLC trimmed its position in shares of NOV Inc. (NYSE:NOV - Free Report) by 34.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 440,660 shares of the oil and gas exploration company's stock after selling 231,350 shares during the period. Algert Global LLC owned approximately 0.12% of NOV worth $8,174,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of NOV in the 2nd quarter valued at $697,976,000. Pzena Investment Management LLC acquired a new position in NOV during the second quarter worth $674,776,000. Price T Rowe Associates Inc. MD lifted its holdings in NOV by 1,743.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company's stock valued at $79,080,000 after purchasing an additional 4,785,015 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in NOV during the 2nd quarter worth approximately $54,767,000. Finally, Ameriprise Financial Inc. increased its holdings in NOV by 401.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company's stock valued at $39,347,000 after purchasing an additional 2,534,815 shares in the last quarter. Institutional investors own 93.27% of the company's stock.

NOV Price Performance

NYSE:NOV opened at $20.26 on Thursday. NOV Inc. has a 52-week low of $12.28 and a 52-week high of $21.67. The company has a market cap of $7.22 billion, a P/E ratio of 77.92 and a beta of 0.92. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42. The stock's 50-day simple moving average is $19.54 and its 200 day simple moving average is $19.69.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.08 billion. During the same quarter last year, the company posted $0.29 earnings per share. NOV's quarterly revenue was down 2.5% on a year-over-year basis. As a group, sell-side analysts forecast that NOV Inc. will post 0.99 EPS for the current fiscal year.

NOV Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.8%. NOV's dividend payout ratio (DPR) is currently 138.46%.

Insider Activity

In other news, Director David D. Harrison sold 9,594 shares of NOV stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the sale, the director directly owned 126,763 shares in the company, valued at approximately $2,435,117.23. The trade was a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.15% of the company's stock.

Analyst Upgrades and Downgrades

NOV has been the topic of several research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of NOV in a report on Wednesday, June 24th. Susquehanna lifted their price objective on NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a research report on Thursday, July 30th. Zacks Research upgraded shares of NOV from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. TD Cowen boosted their price target on shares of NOV from $25.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Finally, Capital One Financial upgraded NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 price target for the company in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, NOV currently has an average rating of "Hold" and an average price target of $21.31.

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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