Empowered Funds LLC Invests $4.83 Million in NOV Inc. $NOV

Key Points

• Empowered Funds LLC purchased 260,228 shares of NOV worth approximately $4.83 million, while institutional investors collectively owned 93.27% of the company.
• NOV reported quarterly earnings of $0.31 per share, beating estimates of $0.17, and revenue of $2.13 billion; however, revenue declined 2.5% year over year.
• Analysts have a consensus “Hold” rating with a $21.31 price target. NOV also declared a quarterly dividend of $0.09 per share, equivalent to a 1.7% yield.

Empowered Funds LLC purchased a new stake in NOV Inc. (NYSE:NOV - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 260,228 shares of the oil and gas exploration company's stock, valued at approximately $4,827,000. Empowered Funds LLC owned 0.07% of NOV at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC raised its holdings in NOV by 4.5% in the 1st 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 holdings in shares of 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 increased its position in shares of NOV by 39.9% in 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 purchasing an additional 552 shares during the period. State of Michigan Retirement System increased its position in shares of NOV by 0.7% in the first 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 stake in NOV by 9.0% in the fourth 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. Institutional investors and hedge funds own 93.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NOV shares. 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 research note on Friday, July 31st. TD Cowen boosted their target price on shares of NOV from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Citigroup upped their price target on shares of NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a report on Thursday, June 18th. Capital One Financial raised shares of NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 price objective on the stock in a research note on Thursday, June 4th. Finally, The Goldman Sachs Group set a $19.00 price objective on shares of NOV in a research report on Wednesday, June 3rd. Five research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, NOV presently has a consensus rating of "Hold" and a consensus price target of $21.31.

NOV Stock Up 1.2%

Shares of NYSE:NOV opened at $21.24 on Tuesday. NOV Inc. has a 52-week low of $12.28 and a 52-week high of $21.68. The company has a market capitalization of $7.57 billion, a PE ratio of 81.69 and a beta of 0.92. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42. The company has a fifty day moving average of $19.68 and a 200-day moving average of $19.74.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%.NOV's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 EPS. On average, equities analysts predict that NOV Inc. will post 0.99 EPS for the current fiscal year.

NOV Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, September 11th. NOV's dividend payout ratio (DPR) is 138.46%.

Insider Buying and Selling

In other NOV news, Director David D. Harrison sold 9,594 shares of the business's stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $19.21, for a total transaction of $184,300.74. Following the sale, the director directly 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 legal filing with the SEC, which can be accessed through this link. 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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