Jupiter Topco LLC Makes New $3.04 Million Investment in NOV Inc. $NOV

Key Points

• Jupiter Topco LLC purchased 163,778 shares of NOV Inc. during the second quarter, valued at approximately $3.04 million. Institutional investors and hedge funds collectively own 93.27% of NOV’s stock.
• NOV reported quarterly earnings of $0.31 per share, beating estimates of $0.17, while revenue reached $2.13 billion, up from expectations but down 2.5% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $21.31. NOV also declared a quarterly dividend of $0.09 per share, representing a 1.7% yield.

Jupiter Topco LLC bought a new stake in NOV Inc. (NYSE:NOV - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 163,778 shares of the oil and gas exploration company's stock, valued at approximately $3,039,000.

A number of other institutional investors and hedge funds have also made changes to their positions in NOV. Root Financial Partners LLC lifted its position in NOV by 39.9% in the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock valued at $36,000 after purchasing an additional 552 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of NOV during the 2nd quarter worth approximately $37,000. Altshuler Shaham Ltd lifted its holdings in shares of NOV by 36.8% in the 1st quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company's stock valued at $38,000 after buying an additional 546 shares during the period. Summit Securities Group LLC acquired a new stake in shares of NOV in the 1st quarter valued at approximately $40,000. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of NOV by 659.3% in 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 in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Stock Performance

Shares of NYSE NOV opened at $21.72 on Thursday. NOV Inc. has a 12-month low of $12.28 and a 12-month high of $21.83. The company has a market cap of $7.74 billion, a PE ratio of 83.53 and a beta of 0.94. The stock has a 50 day simple moving average of $19.80 and a 200-day simple moving average of $19.77. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27.

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. NOV had a net margin of 1.10% and a return on equity of 3.44%. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter last year, the business earned $0.29 earnings per share. The business's revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities research analysts forecast that NOV Inc. will post 0.99 EPS for the current year.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, September 11th. NOV's dividend payout ratio is 138.46%.

Analysts Set New Price Targets

NOV has been the subject of several research reports. Barclays cut their price target on NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a research note on Friday, July 31st. Zacks Research cut NOV from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 26th. Morgan Stanley set a $21.00 target price on shares of NOV in a report on Wednesday, July 15th. Citigroup upped their price target on NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, June 18th. Finally, TD Cowen increased their price objective on shares of NOV from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $21.31.

Insider Activity

In other NOV news, Director David D. Harrison sold 9,594 shares of the company's stock in a transaction dated Friday, July 31st. The stock was 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 of the company's stock, valued at $2,435,117.23. This represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.15% of the stock is owned by company insiders.

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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