Hsbc Holdings PLC Invests $1.29 Million in NOV Inc. $NOV

Key Points

• HSBC Holdings bought 69,101 NOV shares during the second quarter, valued at approximately $1.29 million. Institutional investors and hedge funds collectively own 93.27% of NOV.
• NOV reported quarterly EPS of $0.31, exceeding the $0.17 consensus estimate, while revenue reached $2.13 billion, up from expectations but down 2.5% year over year.
• The company declared a quarterly dividend of $0.09 per share, equivalent to a 1.7% yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $21.31.

Hsbc Holdings PLC bought a new position in shares of NOV Inc. (NYSE:NOV - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 69,101 shares of the oil and gas exploration company's stock, valued at approximately $1,287,000.

Several other large investors have also recently bought and sold shares of NOV. Legal & General Group Plc bought a new stake in NOV in the 2nd quarter valued at $9,989,000. The Manufacturers Life Insurance Company bought a new position in shares of NOV during the 2nd quarter worth about $4,726,000. Ally Financial Inc. bought a new position in shares of NOV during the 2nd quarter worth about $464,000. OMERS ADMINISTRATION Corp acquired a new position in shares of NOV during the second quarter valued at about $317,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of NOV during the second quarter valued at about $372,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other NOV news, Director David D. Harrison sold 9,594 shares of the business'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 transaction, the director directly owned 126,763 shares in the company, valued at $2,435,117.23. The trade was a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.15% of the stock is currently owned by company insiders.

NOV Stock Performance

NOV stock opened at $21.24 on Tuesday. The firm has a market capitalization of $7.57 billion, a P/E ratio of 81.69 and a beta of 0.92. The stock has a fifty day moving average price of $19.68 and a two-hundred day moving average price of $19.74. NOV Inc. has a 52-week low of $12.28 and a 52-week high of $21.68. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.61.

NOV (NYSE:NOV - Get Free Report) last issued 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. NOV had a net margin of 1.10% and a return on equity of 3.44%. The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the previous year, the company earned $0.29 EPS. The firm's revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, analysts anticipate that NOV Inc. will post 0.99 EPS for the current fiscal year.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, September 11th. NOV's dividend payout ratio (DPR) is currently 138.46%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Zacks Research downgraded NOV from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 26th. Citigroup upped their price target on NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday, June 18th. Barclays reduced their price objective on NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a research report on Friday, July 31st. Susquehanna lifted their price objective on NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a report on Thursday, July 30th. Finally, Capital One Financial raised shares of NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 price target on the stock in a report on Thursday, June 4th. Five analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $21.31.

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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