Ieq Capital LLC Acquires New Holdings in NOV Inc. $NOV

Key Points

• Ieq Capital acquired 81,483 shares of NOV during the second quarter, valued at approximately $1.5 million. Institutional investors collectively own 93.27% of the company, with BlackRock and Pzena Investment Management also establishing major new positions.
• NOV reported quarterly EPS of $0.31, beating analysts’ $0.17 estimate, while revenue reached $2.13 billion versus the $2.08 billion consensus. However, revenue declined 2.5% year over year and the company’s consensus analyst rating remains “Hold,” with an average price target of $21.31.
• NOV declared a quarterly dividend of $0.09 per share, equivalent to an annualized $0.36 dividend and a 1.8% yield. Shares opened at $20.26, near the company’s 12-month high of $21.67.

Ieq Capital LLC bought a new stake in shares of NOV Inc. (NYSE:NOV - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 81,483 shares of the oil and gas exploration company's stock, valued at approximately $1,512,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of NOV during the 2nd quarter worth approximately $697,976,000. Pzena Investment Management LLC acquired a new stake in NOV during the 2nd quarter valued at $674,776,000. Price T Rowe Associates Inc. MD increased its position in NOV by 1,743.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company's stock worth $79,080,000 after buying an additional 4,785,015 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of NOV in the second quarter worth $54,767,000. Finally, Ameriprise Financial Inc. lifted its position in shares of NOV by 401.9% in the second quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company's stock valued at $39,347,000 after acquiring an additional 2,534,815 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

Insider Buying and Selling at NOV

In other news, Director David D. Harrison sold 9,594 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $19.21, for a total transaction of $184,300.74. Following the completion of the sale, the director directly owned 126,763 shares of the company's stock, valued at $2,435,117.23. The trade was a 7.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.15% of the stock is currently owned by company insiders.

NOV Stock Up 1.6%

Shares of NYSE:NOV opened at $20.26 on Thursday. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27. The firm has a market cap of $7.22 billion, a price-to-earnings ratio of 77.92 and a beta of 0.92. The stock's 50-day moving average price is $19.54 and its two-hundred day moving average price is $19.69. NOV Inc. has a 12-month low of $12.28 and a 12-month high of $21.67.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.14. The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.29 EPS. On average, research analysts forecast that NOV Inc. will post 0.99 EPS for the current year.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a yield of 1.8%. NOV's dividend payout ratio (DPR) is currently 138.46%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Zacks Research upgraded NOV from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of NOV in a research note on Wednesday, June 24th. The Goldman Sachs Group set a $19.00 price target on shares of NOV in a report on Wednesday, June 3rd. Citigroup upped their price objective on shares of NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a research note on Thursday, June 18th. Finally, Capital One Financial upgraded shares of NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 target price on the stock in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average 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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