Hsbc Holdings PLC Sells 367,225 Shares of NOV Inc. $NOV

Key Points

• HSBC Holdings PLC cut its stake in NOV Inc. by 69.5% in the fourth quarter, selling 367,225 shares and leaving it with 161,040 shares worth about $2.52 million.
• Wall Street sentiment is cautious: NOV’s analyst consensus is currently “Hold,” with an average price target of $20.43 after several mixed rating and target changes.
• NOV reported weaker earnings for its latest quarter, posting EPS of $0.05 versus the $0.17 estimate, while revenue came in at $2.05 billion and the stock recently traded around $18.90.

Hsbc Holdings PLC lowered its holdings in NOV Inc. (NYSE:NOV - Free Report) by 69.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 161,040 shares of the oil and gas exploration company's stock after selling 367,225 shares during the quarter. Hsbc Holdings PLC's holdings in NOV were worth $2,520,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of NOV. V Square Quantitative Management LLC bought a new position in shares of NOV in the fourth quarter valued at $28,000. CIBC Private Wealth Group LLC grew its holdings in shares of NOV by 659.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company's stock valued at $36,000 after buying an additional 1,978 shares during the last quarter. Rothschild Investment LLC increased its position in shares of NOV by 50.1% during the fourth quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company's stock worth $37,000 after acquiring an additional 780 shares in the last quarter. Allworth Financial LP raised its holdings in shares of NOV by 37.9% in the 4th quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company's stock worth $40,000 after acquiring an additional 709 shares during the last quarter. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of NOV in the 4th quarter worth about $68,000. Institutional investors and hedge funds own 93.27% of the company's stock.

Analyst Ratings Changes

NOV has been the subject of a number of analyst reports. Evercore upgraded NOV to a "hold" rating in a research note on Wednesday, April 29th. Morgan Stanley increased their price objective on NOV from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 15th. Susquehanna dropped their target price on NOV from $24.00 to $22.00 and set a "positive" rating on the stock in a report on Wednesday. Citigroup lifted their target price on NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, June 18th. Finally, Stifel Nicolaus upped their price target on NOV from $21.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, NOV has an average rating of "Hold" and an average target price of $20.43.

NOV Stock Up 2.5%

NOV stock opened at $18.90 on Friday. NOV Inc. has a fifty-two week low of $11.77 and a fifty-two week high of $21.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. The firm's 50-day simple moving average is $19.81 and its 200 day simple moving average is $19.05. The stock has a market cap of $6.78 billion, a PE ratio of 78.75 and a beta of 0.91.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The oil and gas exploration company reported $0.05 EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $2.05 billion. During the same quarter last year, the business posted $0.19 EPS. The company's quarterly revenue was down 2.4% on a year-over-year basis. Research analysts predict that NOV Inc. will post 0.9 EPS for the current fiscal year.

NOV Announces Dividend

The firm also recently declared a special dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a dividend of $0.09 per share. This represents a dividend yield of 170.0%. The ex-dividend date of this dividend was Friday, June 12th. NOV's dividend payout ratio (DPR) is presently 150.00%.

About NOV

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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