Hsbc Holdings PLC Has $8.48 Million Position in NOV Inc. $NOV

Key Points

• HSBC Holdings PLC sharply increased its NOV stake by 176.9% in the first quarter, ending with 445,988 shares valued at about $8.48 million.
• Other large institutional investors also hold significant positions in NOV, and overall 93.27% of the stock is owned by institutions.
• Analysts are mixed on NOV: the consensus rating is “Hold” with an average price target of $20.50, while the stock recently traded near $20.35 after reporting earnings below expectations.

Hsbc Holdings PLC increased its stake in NOV Inc. (NYSE:NOV - Free Report) by 176.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 445,988 shares of the oil and gas exploration company's stock after purchasing an additional 284,948 shares during the period. Hsbc Holdings PLC owned 0.12% of NOV worth $8,483,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in shares of NOV by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 18,972,635 shares of the oil and gas exploration company's stock valued at $296,547,000 after buying an additional 394,582 shares during the period. First Trust Advisors LP boosted its holdings in NOV by 0.4% in the fourth quarter. First Trust Advisors LP now owns 7,033,947 shares of the oil and gas exploration company's stock valued at $109,941,000 after acquiring an additional 25,610 shares during the last quarter. Bank of America Corp DE raised its holdings in NOV by 14.8% during the 3rd quarter. Bank of America Corp DE now owns 5,346,302 shares of the oil and gas exploration company's stock worth $70,839,000 after purchasing an additional 689,427 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in NOV by 1,743.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company's stock valued at $79,080,000 after purchasing an additional 4,785,015 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of NOV by 29.1% in the 4th quarter. AQR Capital Management LLC now owns 4,668,127 shares of the oil and gas exploration company's stock valued at $72,963,000 after purchasing an additional 1,053,354 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on NOV. Stifel Nicolaus lifted their price target on shares of NOV from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Susquehanna dropped their target price on shares of NOV from $24.00 to $22.00 and set a "positive" rating for the company in a research report on Wednesday, July 8th. TD Cowen raised NOV from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 29th. Morgan Stanley set a $21.00 price target on NOV in a research report on Wednesday, July 15th. Finally, Citigroup upped their price objective on NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, NOV currently has a consensus rating of "Hold" and an average target price of $20.50.

NOV Price Performance

Shares of NOV stock opened at $20.35 on Thursday. The firm has a market capitalization of $7.30 billion, a price-to-earnings ratio of 84.81 and a beta of 0.91. NOV Inc. has a 12-month low of $11.77 and a 12-month high of $21.55. The company has a quick ratio of 1.66, a current ratio of 2.47 and a debt-to-equity ratio of 0.27. The firm has a fifty day moving average of $19.75 and a 200-day moving average of $19.30.

NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.12). The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.05 billion. NOV had a net margin of 1.05% and a return on equity of 3.34%. The firm's revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 earnings per share. On average, equities research analysts forecast that NOV Inc. will post 0.9 earnings per share for the current year.

NOV Dividend Announcement

The business also recently announced 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 170.0%. The ex-dividend date was Friday, June 12th. NOV's dividend payout ratio (DPR) is 150.00%.

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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