Fiduciary Alliance LLC Boosts Stock Position in NOV Inc. $NOV

Key Points

• Fiduciary Alliance LLC boosted its stake in NOV by 183.9%, buying 141,525 shares to own 218,486 shares worth about $3.42 million.
• Company insiders sold significant positions on Feb. 23 — Joseph W. Rovig sold 151,086 shares and VP Craig L. Weinstock sold 70,000 shares — leaving insiders with roughly 2.08% ownership.
• NOV raised its quarterly dividend to $0.09 (annualized $0.36, yield 1.8%) despite a high payout ratio of 94.74%, and Wall Street’s consensus rating is a Hold with an average target of $18.64.

Fiduciary Alliance LLC grew its holdings in NOV Inc. (NYSE:NOV - Free Report) by 183.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 218,486 shares of the oil and gas exploration company's stock after buying an additional 141,525 shares during the quarter. Fiduciary Alliance LLC owned 0.06% of NOV worth $3,415,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Arizona State Retirement System increased its position in shares of NOV by 0.6% in the third quarter. Arizona State Retirement System now owns 111,185 shares of the oil and gas exploration company's stock valued at $1,473,000 after buying an additional 678 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of NOV by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 116,720 shares of the oil and gas exploration company's stock worth $1,547,000 after acquiring an additional 724 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of NOV by 2.6% in the third quarter. Quadrant Capital Group LLC now owns 29,023 shares of the oil and gas exploration company's stock worth $385,000 after acquiring an additional 743 shares during the last quarter. Truist Financial Corp boosted its stake in shares of NOV by 7.6% in the third quarter. Truist Financial Corp now owns 11,759 shares of the oil and gas exploration company's stock worth $156,000 after acquiring an additional 827 shares during the last quarter. Finally, NorthRock Partners LLC boosted its stake in shares of NOV by 8.2% in the third quarter. NorthRock Partners LLC now owns 11,282 shares of the oil and gas exploration company's stock worth $149,000 after acquiring an additional 854 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other NOV news, insider Joseph W. Rovig sold 151,086 shares of NOV stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total value of $3,047,404.62. Following the sale, the insider owned 269,694 shares in the company, valued at $5,439,727.98. The trade was a 35.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Craig L. Weinstock sold 70,000 shares of NOV stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $20.08, for a total value of $1,405,600.00. Following the completion of the sale, the vice president owned 256,319 shares in the company, valued at $5,146,885.52. This represents a 21.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.08% of the company's stock.

NOV Stock Performance

NYSE NOV opened at $19.61 on Friday. The stock's fifty day moving average is $19.19 and its two-hundred day moving average is $16.70. The firm has a market capitalization of $7.07 billion, a P/E ratio of 51.60 and a beta of 0.94. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.42. NOV Inc. has a fifty-two week low of $11.26 and a fifty-two week high of $20.85.

NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.23). The company had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.17 billion. NOV had a return on equity of 3.57% and a net margin of 1.66%.The business's quarterly revenue was down 1.3% on a year-over-year basis. During the same period last year, the firm posted $0.41 EPS. On average, research analysts anticipate that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.8%. This is an increase from NOV's previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Friday, March 13th. NOV's dividend payout ratio is presently 94.74%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Evercore set a $19.00 price target on NOV in a research note on Friday, February 6th. Piper Sandler lifted their price target on NOV from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, February 9th. Barclays raised NOV from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $15.00 to $20.00 in a research note on Wednesday, February 4th. Citigroup lifted their price target on NOV from $17.00 to $20.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 11th. Finally, Argus raised NOV to a "hold" rating in a research note on Tuesday, February 10th. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $18.64.

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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