Energy Income Partners LLC Purchases Shares of 234,174 NOV Inc. $NOV

Key Points

• Energy Income Partners LLC acquired 234,174 shares of NOV during the second quarter, valued at approximately $4.34 million. Institutional investors and hedge funds collectively own 93.27% of the company.
• NOV exceeded quarterly earnings expectations, reporting $0.31 in EPS versus the $0.17 consensus and revenue of $2.13 billion. However, revenue declined 2.5% year over year, and analysts expect full-year EPS of $0.94.
• NOV shares opened at $21.03, near the consensus analyst price target of $21.31. Recent analyst ratings produced an overall “Hold” consensus, while the company paid a special dividend of $0.09 per share.

Energy Income Partners LLC acquired a new position in shares of NOV Inc. (NYSE:NOV - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 234,174 shares of the oil and gas exploration company's stock, valued at approximately $4,344,000. Energy Income Partners LLC owned 0.07% of NOV at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of NOV. Root Financial Partners LLC raised its position in shares of NOV by 39.9% in 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 period. CIBC Private Wealth Group LLC raised its holdings in shares of NOV by 659.3% in 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 purchasing an additional 1,978 shares during the period. Rothschild Investment LLC lifted its stake 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 purchasing an additional 780 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of NOV during the 2nd quarter worth about $37,000. Finally, 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 during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Price Performance

Shares of NYSE NOV opened at $21.03 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. NOV Inc. has a fifty-two week low of $12.09 and a fifty-two week high of $21.67. The business has a 50 day moving average price of $19.57 and a two-hundred day moving average price of $19.62. The firm has a market cap of $7.50 billion, a PE ratio of 80.87 and a beta of 0.92.

NOV (NYSE:NOV - Get Free Report) last released its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.17 by $0.14. The company had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%.The business's revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 EPS. Sell-side analysts expect that NOV Inc. will post 0.94 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently disclosed a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a dividend of $0.09 per share. This represents a yield of 173.0%. The ex-dividend date of this dividend was Friday, June 12th. NOV's dividend payout ratio (DPR) is currently 138.46%.

Wall Street Analyst Weigh In

NOV has been the subject of several recent research reports. Susquehanna increased their price target on NOV from $22.00 to $24.00 and gave the company a "positive" rating in a report on Thursday, July 30th. TD Cowen increased their target price on NOV from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Citigroup raised their target price on NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday, June 18th. Weiss Ratings reissued a "hold (c)" rating on shares of NOV in a research report on Wednesday, June 24th. Finally, Morgan Stanley set a $21.00 price objective on shares of NOV in a research report on Wednesday, July 15th. One equities research 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 given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $21.31.

Insider Buying and Selling at NOV

In other news, Director David D. Harrison sold 9,594 shares of the company's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the sale, the director 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 SEC, which can be accessed through this hyperlink. Insiders own 1.15% of the company's stock.

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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