Edmond DE Rothschild Holding S.A. Makes New Investment in NOV Inc. $NOV

Key Points

• Edmond de Rothschild bought 400,000 shares of NOV in the second quarter, valued at approximately $7.42 million, while institutional investors collectively own 93.27% of the company.
• Analysts have a consensus “Hold” rating on NOV with an average price target of $21.31; individual targets range from $20 to $26.
• NOV exceeded quarterly earnings expectations, reporting $0.31 EPS versus the $0.17 estimate and $2.13 billion in revenue. The company also declared a quarterly dividend of $0.09 per share, representing a 1.7% yield.

Edmond DE Rothschild Holding S.A. purchased a new stake in NOV Inc. (NYSE:NOV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 400,000 shares of the oil and gas exploration company's stock, valued at approximately $7,420,000. Edmond DE Rothschild Holding S.A. owned 0.11% of NOV as of its most recent SEC filing.

A number of other large investors have also modified their holdings of NOV. Fifth Third Wealth Advisors LLC raised its stake in shares of NOV by 4.5% in the first quarter. Fifth Third Wealth Advisors LLC now owns 12,484 shares of the oil and gas exploration company's stock valued at $235,000 after acquiring an additional 541 shares in the last quarter. Altshuler Shaham Ltd grew its stake in NOV by 36.8% during the 1st quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company's stock worth $38,000 after purchasing an additional 546 shares in the last quarter. Root Financial Partners LLC grew its stake 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 purchasing an additional 552 shares in the last quarter. State of Michigan Retirement System increased its holdings in NOV by 0.7% during the 1st quarter. State of Michigan Retirement System now owns 86,777 shares of the oil and gas exploration company's stock worth $1,632,000 after purchasing an additional 600 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in NOV by 9.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 7,384 shares of the oil and gas exploration company's stock valued at $115,000 after purchasing an additional 611 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of NOV in a research report on Wednesday, June 24th. TD Cowen raised their target price on shares of NOV from $25.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Morgan Stanley set a $21.00 price target on shares of NOV in a research note on Wednesday, July 15th. Evercore upgraded shares of NOV to a "hold" rating in a report on Wednesday, April 29th. Finally, Barclays reduced 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. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $21.31.

Insider Activity

In related news, Director David D. Harrison sold 9,594 shares of the stock in a transaction on 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 SEC, which is accessible through the SEC website. Insiders own 1.15% of the company's stock.

NOV Price Performance

Shares of NYSE NOV opened at $20.70 on Thursday. 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 $12.09 and a fifty-two week high of $21.67. The firm has a market capitalization of $7.38 billion, a PE ratio of 79.60 and a beta of 0.92. The stock's 50-day simple moving average is $19.56 and its 200-day simple moving average is $19.64.

NOV (NYSE:NOV - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%.The firm's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 earnings per share. As a group, equities research analysts forecast that NOV Inc. will post 0.97 EPS for the current fiscal year.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Friday, September 11th will be issued a $0.09 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.36 annualized dividend and a dividend yield of 1.7%. NOV's dividend payout ratio is presently 138.46%.

NOV 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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