Kingsview Wealth Management LLC Acquires New Position in NOV Inc. $NOV

Key Points

• Kingsview Wealth Management acquired 189,248 shares of NOV in the second quarter, valued at approximately $3.5 million. Institutional investors collectively own 93.27% of the company.
• NOV reported quarterly earnings of $0.31 per share, beating estimates by $0.14, while revenue reached $2.13 billion but declined 2.5% year over year.
• The company declared a quarterly dividend of $0.09, representing an annualized yield of 1.7%. Analysts have an overall “Hold” rating, with an average price target of $21.31 versus the stock’s reported $20.99 price.

Kingsview Wealth Management LLC acquired a new stake in NOV Inc. (NYSE:NOV - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 189,248 shares of the oil and gas exploration company's stock, valued at approximately $3,511,000. Kingsview Wealth Management LLC owned 0.05% of NOV at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NOV. Root Financial Partners LLC raised its stake in shares of NOV by 39.9% during 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 acquiring an additional 552 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in NOV by 659.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company's stock worth $36,000 after purchasing an additional 1,978 shares during the period. Rothschild Investment LLC grew its holdings in NOV by 50.1% during the 4th 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. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of NOV in the 2nd quarter worth approximately $37,000. Finally, Altshuler Shaham Ltd boosted its stake in shares of NOV by 36.8% during the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company's stock valued at $38,000 after purchasing an additional 546 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors.

NOV Stock Up 1.1%

Shares of NOV stock opened at $20.99 on Friday. The stock's fifty day moving average price is $19.63 and its 200 day moving average price is $19.71. 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 Inc. has a 1-year low of $12.28 and a 1-year high of $21.67. The company has a market cap of $7.48 billion, a price-to-earnings ratio of 80.73 and a beta of 0.92.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%.The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the company earned $0.29 earnings per share. The company's quarterly revenue was down 2.5% on a year-over-year basis. On average, research analysts expect that NOV Inc. will post 0.99 earnings per share for the current fiscal year.

NOV Announces Dividend

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

Insiders Place Their Bets

In other NOV news, Director David D. Harrison sold 9,594 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 126,763 shares in the company, valued at approximately $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 can be accessed through the SEC website. Corporate insiders own 1.15% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on NOV. Capital One Financial upgraded NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 target price for the company in a report on Thursday, June 4th. Barclays cut their price target on NOV from $21.00 to $20.00 and set an "underweight" rating on the stock in a report on Friday, July 31st. The Goldman Sachs Group set a $19.00 price objective on NOV in a research note on Wednesday, June 3rd. Morgan Stanley set a $21.00 price objective on NOV in a research report on Wednesday, July 15th. Finally, TD Cowen boosted their target price on shares of NOV from $25.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.