Kiltearn Partners LLP Invests $4.67 Million in NOV Inc. $NOV

Key Points

• Kiltearn Partners LLP initiated a $4.67 million position in NOV during the second quarter, purchasing 251,641 shares. Institutional investors and hedge funds collectively own 93.27% of the company.
• NOV reported quarterly EPS of $0.31, exceeding the $0.17 analyst consensus, while revenue reached $2.13 billion, down 2.5% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $21.31, compared with NOV’s $20.46 opening price. The company also announced a quarterly dividend of $0.09 per share, yielding 1.8% annually.

Kiltearn Partners LLP bought a new position in shares of NOV Inc. (NYSE:NOV - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 251,641 shares of the oil and gas exploration company's stock, valued at approximately $4,668,000. NOV makes up approximately 1.1% of Kiltearn Partners LLP's investment portfolio, making the stock its 23rd biggest position. Kiltearn Partners LLP owned 0.07% of NOV as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC grew its stake in NOV by 4.5% during the first quarter. Fifth Third Wealth Advisors LLC now owns 12,484 shares of the oil and gas exploration company's stock worth $235,000 after buying an additional 541 shares during the period. Altshuler Shaham Ltd raised its stake 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 acquiring an additional 546 shares during the period. Root Financial Partners LLC raised its stake in shares of NOV by 39.9% in the 1st quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock valued at $36,000 after acquiring an additional 552 shares during the period. State of Michigan Retirement System lifted its holdings in shares of NOV by 0.7% during the 1st quarter. State of Michigan Retirement System now owns 86,777 shares of the oil and gas exploration company's stock valued at $1,632,000 after acquiring an additional 600 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of NOV by 9.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 7,384 shares of the oil and gas exploration company's stock valued at $115,000 after acquiring an additional 611 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity at NOV

In related news, Director David D. Harrison sold 9,594 shares of the 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 completion of the transaction, the director owned 126,763 shares of the company's stock, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.15% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on NOV. Morgan Stanley set a $21.00 price target on NOV in a report on Wednesday, July 15th. TD Cowen boosted their price objective on NOV from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. The Goldman Sachs Group set a $19.00 target price on NOV in a research report on Wednesday, June 3rd. Evercore upgraded NOV to a "hold" rating in a research note on Wednesday, April 29th. Finally, Capital One Financial raised NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 price target 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 assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, NOV currently has a consensus rating of "Hold" and an average price target of $21.31.

NOV Price Performance

NOV opened at $20.46 on Friday. NOV Inc. has a twelve month low of $12.28 and a twelve month high of $21.67. The firm has a market cap of $7.29 billion, a price-to-earnings ratio of 78.69 and a beta of 0.92. 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 company has a fifty day simple moving average of $19.53 and a 200 day simple moving average of $19.66.

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

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 11th. NOV's payout ratio is presently 138.46%.

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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