Arrowstreet Capital Limited Partnership Buys Shares of 820,174 NOV Inc. $NOV

Key Points

• Arrowstreet Capital acquired 820,174 NOV shares worth approximately $15.4 million, giving it a 0.23% stake. Institutional investors collectively own 93.27% of the company.
• NOV reported quarterly EPS of $0.31, exceeding the $0.17 consensus estimate, while revenue of $2.13 billion also topped expectations. However, revenue declined 2.5% year over year, reflecting ongoing demand pressure.
• The stock has an average analyst rating of Hold with a $21.38 price target, compared with a recent price of $19.34; analysts’ views range from Strong Buy to Sell.

Arrowstreet Capital Limited Partnership purchased a new position in shares of NOV Inc. (NYSE:NOV - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 820,174 shares of the oil and gas exploration company's stock, valued at approximately $15,427,000. Arrowstreet Capital Limited Partnership owned about 0.23% of NOV as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Royal Bank of Canada grew its position in NOV by 15.6% in the 1st quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company's stock worth $756,000 after purchasing an additional 6,711 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of NOV by 35.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company's stock valued at $2,465,000 after buying an additional 42,462 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of NOV by 17.4% in 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 valued at $16,168,000 after buying an additional 157,385 shares during the period. Focus Partners Wealth acquired a new stake in NOV during the first quarter worth about $214,000. Finally, Cetera Investment Advisers bought a new position in NOV during the second quarter valued at about $190,000. 93.27% of the stock is owned by institutional investors.

NOV Stock Performance

Shares of NYSE:NOV opened at $19.34 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.66. The business's fifty day moving average price is $19.63 and its two-hundred day moving average price is $19.42. NOV Inc. has a fifty-two week low of $11.77 and a fifty-two week high of $21.55. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of 74.37 and a beta of 0.91.

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 (EPS) for the quarter, beating 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 company had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.08 billion. During the same period last year, the business earned $0.29 earnings per share. The business's revenue was down 2.5% on a year-over-year basis. As a group, analysts predict that NOV Inc. will post 0.9 EPS for the current fiscal year.

NOV Dividend Announcement

The company also recently disclosed a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a dividend of $0.09 per share. This represents a yield of 170.0%. The ex-dividend date of this dividend was Friday, June 12th. NOV's dividend payout ratio is currently 138.46%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NOV shares. Barclays reiterated an "underweight" rating and issued a $21.00 price objective (up from $20.00) on shares of NOV in a research report on Thursday, May 7th. Morgan Stanley set a $21.00 target price on NOV in a research note on Wednesday, July 15th. Evercore raised NOV to a "hold" rating in a research report on Wednesday, April 29th. 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. Finally, Stifel Nicolaus boosted their price target on shares of NOV from $21.00 to $23.00 and gave the company a "buy" rating in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $21.38.

More NOV News

Here are the key news stories impacting NOV this week:

• Positive Sentiment: NOV reported second-quarter adjusted earnings of $0.31 per share, well above the $0.16-$0.17 analyst consensus and ahead of $0.29 a year earlier. Revenue of approximately $2.13 billion also exceeded expectations of about $2.08 billion. NOV Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: Margin expansion and record profitability in NOV’s Energy Equipment segment helped offset uneven revenue trends, signaling improved operating performance despite a softer sales environment. NOV Earnings Reveal Improving Margins
• Positive Sentiment: Management’s upbeat third-quarter outlook, continued backlog support and shareholder returns provide additional momentum and suggest the company expects operating conditions to improve through the second half. NOV Q2 Earnings Surpass Estimates
• Positive Sentiment: Zacks Research upgraded NOV from “Hold” to “Strong Buy,” adding an analyst-driven catalyst to the favorable earnings reaction. Zacks Research
• Negative Sentiment: Second-quarter revenue declined approximately 2.5% from the prior year, highlighting continued demand pressure and an uneven recovery across NOV’s markets. NOV Q2 Earnings Rise, Revenue Declines

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.

Want to see what other hedge funds are holding NOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NOV Inc. (NYSE:NOV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.