Evolve Private Wealth LLC Makes New $1.13 Million Investment in NOV Inc. $NOV

Key Points

• Evolve Private Wealth acquired 60,894 shares of NOV during the second quarter, valued at approximately $1.13 million. Institutional investors and hedge funds collectively own 93.27% of the company.
• NOV exceeded quarterly expectations, reporting adjusted earnings of $0.31 per share versus the $0.17 consensus estimate and revenue of $2.13 billion. However, revenue declined 2.5% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $21.31 price target. NOV also declared a quarterly dividend of $0.09 per share, representing a 1.8% yield.

Evolve Private Wealth LLC acquired a new stake in shares of NOV Inc. (NYSE:NOV - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 60,894 shares of the oil and gas exploration company's stock, valued at approximately $1,130,000.

Other hedge funds also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC increased its holdings in 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 worth $235,000 after buying an additional 541 shares during the last quarter. Altshuler Shaham Ltd grew its position in shares of NOV by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company's stock valued at $38,000 after purchasing an additional 546 shares during the last quarter. Root Financial Partners LLC boosted 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 valued at $36,000 after purchasing an additional 552 shares during the period. State of Michigan Retirement System increased its position in NOV by 0.7% in 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 buying an additional 600 shares during the period. Finally, EverSource Wealth Advisors LLC increased 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 worth $115,000 after buying an additional 611 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director David D. Harrison sold 9,594 shares of NOV stock in a transaction that occurred 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 completion of the transaction, the director owned 126,763 shares in the company, valued at approximately $2,435,117.23. The trade was a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.15% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on NOV shares. Zacks Research upgraded shares of NOV from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Susquehanna upped their price objective on shares of NOV from $22.00 to $24.00 and gave the company a "positive" rating in a research report on Thursday, July 30th. TD Cowen increased their target price on shares of NOV from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Royal Bank Of Canada boosted their price target on NOV from $21.00 to $22.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of NOV in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, NOV has an average rating of "Hold" and a consensus target price of $21.31.

NOV Trading Up 0.2%

Shares of NOV stock opened at $20.46 on Monday. The stock has a market cap of $7.29 billion, a price-to-earnings ratio of 78.69 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. NOV Inc. has a 52-week low of $12.28 and a 52-week high of $21.67. The firm has a fifty day moving average of $19.53 and a 200-day moving average of $19.67.

NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.14. The company 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%.The company's 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 EPS. On average, equities research analysts forecast that NOV Inc. will post 0.99 earnings per share for the current fiscal year.

NOV Announces Dividend

The company 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 of this dividend is Friday, September 11th. NOV's dividend 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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