California State Teachers Retirement System Boosts Stock Holdings in NOV Inc. $NOV

Key Points

• California State Teachers Retirement System increased its NOV stake by 20.4% in the first quarter, bringing its holdings to 422,834 shares valued at approximately $7.95 million. Institutional investors and hedge funds collectively own 93.27% of the company.
• NOV reported quarterly EPS of $0.31, exceeding the $0.17 analyst consensus, while revenue reached $2.13 billion. However, revenue declined 2.5% year over year, and the company’s average analyst rating remains “Hold” with a $21.31 price target.
• NOV shares opened at $20.00, near their 52-week high of $21.55. Director David D. Harrison sold 9,594 shares, while the company also paid a special dividend of $0.09 per share.

California State Teachers Retirement System lifted its stake in NOV Inc. (NYSE:NOV - Free Report) by 20.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 422,834 shares of the oil and gas exploration company's stock after purchasing an additional 71,754 shares during the period. California State Teachers Retirement System owned about 0.12% of NOV worth $7,954,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in shares of NOV in the 4th quarter valued at approximately $28,000. Root Financial Partners LLC lifted its holdings in NOV by 39.9% during the 1st quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock worth $36,000 after buying an additional 552 shares during the last quarter. Summit Securities Group LLC purchased a new stake in NOV during the 1st quarter worth about $40,000. CIBC Private Wealth Group LLC boosted its position in shares of NOV by 659.3% during the 4th 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 in the last quarter. Finally, Rothschild Investment LLC increased its holdings in shares of NOV by 50.1% in the 4th quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company's stock valued at $37,000 after acquiring an additional 780 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director David D. Harrison sold 9,594 shares of NOV stock in a transaction 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 completion of the transaction, the director owned 126,763 shares of the company's stock, valued at $2,435,117.23. The trade was a 7.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.15% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NOV. TD Cowen raised their target price on NOV from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Zacks Research upgraded shares of NOV from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Barclays cut their price objective 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. The Goldman Sachs Group set a $19.00 price objective on shares of NOV in a research report on Wednesday, June 3rd. Finally, Evercore raised shares of NOV to a "hold" rating in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $21.31.

NOV Price Performance

Shares of NOV opened at $20.00 on Wednesday. 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 Inc. has a fifty-two week low of $11.77 and a fifty-two week high of $21.55. The firm has a 50-day simple moving average of $19.56 and a 200-day simple moving average of $19.46. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of 76.90 and a beta of 0.92.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) 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 business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the previous year, the business posted $0.29 earnings per share. The business's revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts anticipate that NOV Inc. will post 0.95 earnings per share for the current year.

NOV Announces Dividend

The company also recently disclosed a special dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a yield of 170.0%. 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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