AQR Capital Management LLC Acquires 3,362,853 Shares of NOV Inc. $NOV

Key Points

• AQR Capital Management LLC significantly increased its stake in NOV Inc. by 88.9% in Q1, acquiring over 3.3 million shares, bringing its total ownership to 7.1 million shares valued at approximately $107.3 million.
• NOV reported Q2 earnings of $0.29 per share, missing estimates by $0.01, while revenue for the quarter was $2.19 billion, surpassing analyst expectations.
• The company announced a quarterly dividend of $0.075 per share, reflecting an annualized yield of 2.2%, payable on September 26th to shareholders recorded as of September 12th.

AQR Capital Management LLC raised its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 88.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,146,949 shares of the oil and gas exploration company's stock after buying an additional 3,362,853 shares during the quarter. AQR Capital Management LLC owned about 1.90% of NOV worth $107,276,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise acquired a new position in shares of NOV during the 1st quarter worth about $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of NOV in the 1st quarter valued at approximately $36,000. CX Institutional acquired a new position in shares of NOV in the 1st quarter valued at approximately $42,000. Quarry LP grew its position in shares of NOV by 119.7% in the 1st quarter. Quarry LP now owns 3,407 shares of the oil and gas exploration company's stock valued at $52,000 after purchasing an additional 1,856 shares during the period. Finally, UMB Bank n.a. grew its position in shares of NOV by 66.7% in the 1st quarter. UMB Bank n.a. now owns 3,895 shares of the oil and gas exploration company's stock valued at $59,000 after purchasing an additional 1,558 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Stock Down 1.5%

Shares of NOV stock traded down $0.20 on Tuesday, reaching $13.04. 2,092,266 shares of the company were exchanged, compared to its average volume of 4,209,146. NOV Inc. has a one year low of $10.84 and a one year high of $17.12. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 3.80 and a beta of 1.34. The company has a current ratio of 2.58, a quick ratio of 1.72 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $12.90 and a 200 day moving average of $13.09.

NOV (NYSE:NOV - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). NOV had a return on equity of 7.25% and a net margin of 5.36%.The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the prior year, the company earned $0.57 EPS. The company's revenue for the quarter was down 1.3% on a year-over-year basis. NOV has set its Q3 2025 guidance at EPS. On average, equities research analysts forecast that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.075 per share. The ex-dividend date is Friday, September 12th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.3%. NOV's dividend payout ratio is currently 24.59%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Royal Bank Of Canada decreased their price objective on NOV from $19.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. Susquehanna set a $17.00 price objective on NOV and gave the company a "positive" rating in a research report on Wednesday, July 30th. Piper Sandler decreased their price objective on NOV from $16.00 to $14.00 and set a "neutral" rating for the company in a research report on Thursday, August 14th. JPMorgan Chase & Co. downgraded NOV from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $17.00 to $15.00 in a research report on Wednesday, July 30th. Finally, Evercore ISI reduced their price target on NOV from $15.00 to $14.00 and set an "in-line" rating for the company in a research report on Wednesday, July 30th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $16.56.

About NOV

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.