BlackRock Inc. Makes New $697.98 Million Investment in NOV Inc. $NOV

Key Points

• BlackRock initiated a major NOV position, purchasing 37.6 million shares worth approximately $698 million and obtaining a 10.56% stake. Institutional investors collectively own 93.27% of the company.
• NOV reported quarterly earnings of $0.31 per share, exceeding analysts’ $0.17 estimate, while revenue reached $2.13 billion. However, revenue declined 2.5% year over year, and analysts maintain a consensus “Hold” rating with a $21.31 average price target.
• NOV shares opened at $20.46, near their 12-month high, and the company declared a quarterly dividend of $0.09 per share, representing a 1.8% annual yield.

BlackRock Inc. bought a new stake in NOV Inc. (NYSE:NOV - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 37,626,738 shares of the oil and gas exploration company's stock, valued at approximately $697,976,000. BlackRock Inc. owned about 10.56% of NOV as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of NOV. California State Teachers Retirement System raised its holdings in 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 valued at $7,954,000 after acquiring an additional 71,754 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of NOV by 203.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 85,897 shares of the oil and gas exploration company's stock worth $1,343,000 after purchasing an additional 57,634 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in NOV during the first quarter worth approximately $2,331,000. Bank of America Corp DE raised its position 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 valued at $86,064,000 after purchasing an additional 664,969 shares during the last quarter. Finally, Vest Financial LLC lifted its position in NOV by 13.5% during the 4th quarter. Vest Financial LLC now owns 430,231 shares of the oil and gas exploration company's stock worth $6,725,000 after acquiring an additional 51,175 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director David D. Harrison sold 9,594 shares of the stock in a transaction on Friday, July 31st. The stock was 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. This represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.15% of the company's stock.

Wall Street Analysts Forecast Growth

NOV has been the subject of a number of recent analyst reports. The Goldman Sachs Group set a $19.00 price objective on shares of NOV in a research report on Wednesday, June 3rd. Royal Bank Of Canada increased their price target on shares of NOV from $21.00 to $22.00 and gave the company a "sector perform" rating in a report on Wednesday, April 29th. Citigroup boosted their price objective on shares of NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a report on Thursday, June 18th. Evercore upgraded shares of NOV to a "hold" rating in a research report on Wednesday, April 29th. Finally, Barclays dropped their target price on shares of NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a report on Friday, July 31st. 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $21.31.

NOV Stock Up 0.2%

NOV opened at $20.46 on Monday. NOV Inc. has a 12 month low of $12.28 and a 12 month high of $21.67. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.61. The business has a 50-day moving average of $19.53 and a two-hundred day moving average of $19.67. The stock has a market capitalization of $7.29 billion, a price-to-earnings ratio of 78.69 and a beta of 0.92.

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. NOV had a net margin of 1.10% and a return on equity of 3.44%. The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the firm posted $0.29 earnings per share. NOV's revenue was down 2.5% on a year-over-year basis. On average, research analysts expect that NOV Inc. will post 0.99 earnings per share for the current year.

NOV Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, September 11th. NOV's payout ratio is currently 138.46%.

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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