Bank of America Corp DE Acquires 664,969 Shares of NOV Inc. $NOV

Key Points

• Bank of America increased its NOV stake by 17%, acquiring 664,969 additional shares and bringing its holdings to 4.58 million shares valued at approximately $86.1 million. Institutional investors collectively own 93.27% of NOV.
• NOV reported quarterly EPS of $0.31, exceeding the $0.17 consensus estimate, while revenue reached $2.13 billion, up from expectations of $2.08 billion but down 2.5% year over year.
• Analyst sentiment is mixed but improving: several firms raised price targets and issued positive ratings, although the overall consensus remains “Hold” with an average target of $21.31 versus the shares’ $19.62 price.

Bank of America Corp DE lifted its holdings in shares of NOV Inc. (NYSE:NOV - Free Report) by 17.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,575,450 shares of the oil and gas exploration company's stock after acquiring an additional 664,969 shares during the quarter. Bank of America Corp DE owned approximately 1.27% of NOV worth $86,064,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in shares of NOV during the 4th quarter worth about $28,000. Root Financial Partners LLC lifted its position in NOV by 39.9% during the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock worth $36,000 after acquiring an additional 552 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of NOV by 659.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company's stock worth $36,000 after acquiring an additional 1,978 shares during the period. Rothschild Investment LLC grew its position in shares of NOV by 50.1% in the fourth quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company's stock valued at $37,000 after purchasing an additional 780 shares during the last quarter. Finally, Altshuler Shaham Ltd grew its position in shares of NOV by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company's stock valued at $38,000 after purchasing an additional 546 shares during the last quarter. 93.27% of the stock is owned by institutional investors.

NOV Price Performance

Shares of NYSE NOV opened at $19.62 on Friday. The business has a fifty day moving average price of $19.53 and a two-hundred day moving average price of $19.49. The stock has a market capitalization of $7.00 billion, a PE ratio of 75.48 and a beta of 0.92. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.61. NOV Inc. has a fifty-two week low of $11.77 and a fifty-two week high of $21.55.

NOV (NYSE:NOV - Get Free Report) last released its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the firm posted $0.29 EPS. NOV's quarterly revenue was down 2.5% on a year-over-year basis. As a group, equities analysts predict that NOV Inc. will post 0.94 earnings per share 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 was Friday, June 12th. NOV's dividend payout ratio is presently 138.46%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on NOV shares. TD Cowen lifted their price target on NOV from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Stifel Nicolaus upped their price objective on NOV from $21.00 to $23.00 and gave the company a "buy" rating in a report on Monday, April 20th. Zacks Research raised NOV from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Weiss Ratings reissued a "hold (c)" rating on shares of NOV in a research report on Wednesday, June 24th. Finally, Susquehanna upped their price target on shares of NOV from $22.00 to $24.00 and gave the company a "positive" rating in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $21.31.

Insider Buying and Selling

In other NOV news, Director David D. Harrison sold 9,594 shares of the firm's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the transaction, the director directly owned 126,763 shares of the company's stock, valued at $2,435,117.23. This trade represents a 7.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.15% of the stock is currently owned by corporate insiders.

About NOV

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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