GSA Capital Partners LLP Has $1.80 Million Stock Position in NOV Inc. $NOV

Key Points

• GSA Capital Partners cut its NOV stake by 43.3% in the fourth quarter, but still held 115,297 shares worth about $1.8 million as of its latest SEC filing.
• NOV reported first-quarter earnings of $0.05 per share, missing analyst expectations of $0.17, while revenue came in at $2.05 billion, roughly in line with estimates but down 2.4% from a year earlier.
• The company raised its quarterly dividend to $0.09 per share from $0.08, though the payout ratio is high at 150%; analysts currently rate the stock a Hold on average with a $19.36 price target.

GSA Capital Partners LLP reduced its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 43.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 115,297 shares of the oil and gas exploration company's stock after selling 87,954 shares during the quarter. GSA Capital Partners LLP's holdings in NOV were worth $1,802,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Arizona State Retirement System lifted its position in shares of NOV by 0.6% during the 3rd quarter. Arizona State Retirement System now owns 111,185 shares of the oil and gas exploration company's stock worth $1,473,000 after buying an additional 678 shares during the last quarter. Allworth Financial LP lifted its position in shares of NOV by 37.9% during the 4th quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company's stock worth $40,000 after buying an additional 709 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of NOV by 0.6% during the 3rd 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 buying an additional 724 shares during the last quarter. Quadrant Capital Group LLC raised its position in 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 valued at $385,000 after purchasing an additional 743 shares during the last quarter. Finally, Truist Financial Corp raised its position in 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 valued at $156,000 after purchasing an additional 827 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Trading Down 1.1%

Shares of NOV stock opened at $20.93 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. NOV Inc. has a 52 week low of $11.65 and a 52 week high of $21.33. The stock has a 50 day moving average price of $19.50 and a two-hundred day moving average price of $17.96. The stock has a market capitalization of $7.51 billion, a PE ratio of 87.23 and a beta of 0.92.

NOV (NYSE:NOV - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The oil and gas exploration company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.12). NOV had a net margin of 1.05% and a return on equity of 3.34%. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period last year, the business posted $0.19 EPS. The company's revenue was down 2.4% on a year-over-year basis. As a group, equities analysts anticipate that NOV Inc. will post 0.92 earnings per share for the current fiscal year.

NOV Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.7%. This is an increase from NOV's previous quarterly dividend of $0.08. The ex-dividend date was Friday, March 13th. NOV's dividend payout ratio is 150.00%.

Insiders Place Their Bets

In related 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 transaction of $3,047,404.62. Following the sale, the insider directly owned 269,694 shares in the company, valued at approximately $5,439,727.98. This trade represents a 35.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Craig L. Weinstock sold 70,000 shares of NOV stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the sale, the vice president owned 256,319 shares in the company, valued at $5,146,885.52. This trade represents a 21.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.15% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on NOV shares. Evercore upgraded NOV to a "hold" rating in a research report on Wednesday, April 29th. Argus raised NOV to a "hold" rating in a research note on Tuesday, February 10th. BMO Capital Markets increased their price target on NOV from $19.00 to $20.00 and gave the company a "market perform" rating in a research note on Monday, February 9th. Barclays reissued an "underweight" rating and issued a $21.00 price target (up from $20.00) on shares of NOV in a research note on Thursday, May 7th. Finally, Piper Sandler increased their price target on NOV from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $19.36.

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.

Want to see what other hedge funds are holding NOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NOV Inc. (NYSE:NOV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.