Bank of New York Mellon Corp Makes New $54.77 Million Investment in NOV Inc. $NOV

Key Points

• Bank of New York Mellon acquired 2.95 million NOV shares worth approximately $54.8 million, giving it a 0.83% stake. Institutional investors collectively own 93.27% of the company.
• NOV exceeded quarterly earnings expectations, reporting $0.31 in EPS versus the $0.17 consensus and $2.13 billion in revenue, though revenue declined 2.5% year over year.
• NOV declared a quarterly dividend of $0.09, equivalent to an annualized $0.36 and a 1.8% yield. Analysts maintain a consensus “Hold” rating with a $21.31 price target, compared with the reported share price of $20.26.

Bank of New York Mellon Corp acquired a new stake in shares of NOV Inc. (NYSE:NOV - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,952,393 shares of the oil and gas exploration company's stock, valued at approximately $54,767,000. Bank of New York Mellon Corp owned about 0.83% of NOV at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. California State Teachers Retirement System grew its stake in shares of NOV by 20.4% in the first quarter. California State Teachers Retirement System now owns 422,834 shares of the oil and gas exploration company's stock worth $7,954,000 after acquiring an additional 71,754 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in shares of NOV by 203.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 85,897 shares of the oil and gas exploration company's stock valued at $1,343,000 after purchasing an additional 57,634 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in NOV during the first quarter valued at approximately $2,331,000. Bank of America Corp DE raised its holdings in NOV by 17.0% in the 1st quarter. Bank of America Corp DE now owns 4,575,450 shares of the oil and gas exploration company's stock worth $86,064,000 after purchasing an additional 664,969 shares during the period. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of NOV during the 2nd quarter valued at about $2,869,000. 93.27% of the stock is owned by institutional investors.

NOV Price Performance

Shares of NYSE NOV opened at $20.26 on Thursday. The firm has a market cap of $7.22 billion, a PE ratio of 77.92 and a beta of 0.92. The firm has a fifty day moving average of $19.54 and a 200 day moving average of $19.69. NOV Inc. has a one year low of $12.28 and a one year high of $21.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.14. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. NOV's quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 earnings per share. As a group, research analysts predict that NOV Inc. will post 0.99 EPS for the current fiscal year.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be given a $0.09 dividend. 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 is currently 138.46%.

Insider Activity at NOV

In related news, Director David D. Harrison sold 9,594 shares of the firm'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 transaction of $184,300.74. Following the transaction, the director owned 126,763 shares in the company, 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 SEC, which is available through the SEC website. 1.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NOV has been the subject of a number of analyst reports. Royal Bank Of Canada increased their price target on NOV from $21.00 to $22.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 29th. Weiss Ratings reiterated a "hold (c)" rating on shares of NOV in a research report on Wednesday, June 24th. Barclays cut their price target on shares of NOV from $21.00 to $20.00 and set an "underweight" rating on the stock in a report on Friday, July 31st. Susquehanna lifted their target price on NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a research report on Thursday, July 30th. Finally, The Goldman Sachs Group set a $19.00 target price on NOV in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, NOV currently has a consensus rating of "Hold" and a consensus price target of $21.31.

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.

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