Man Group plc Takes $4.59 Million Position in NOV Inc. $NOV

Key Points

• Man Group plc acquired 247,469 shares of NOV during the second quarter, valued at approximately $4.59 million, giving it a 0.07% stake. Institutional investors collectively own 93.27% of the company.
• NOV reported quarterly earnings of $0.31 per share, beating the $0.17 consensus estimate, while revenue of $2.13 billion also exceeded expectations. However, revenue declined 2.5% year over year and net margin was 1.10%.
• The company announced a quarterly dividend of $0.09 per share, representing a 1.7% yield. Analysts remain cautious overall, with a consensus “Hold” rating and an average price target of $21.31 versus the reported share price of $20.99.

Man Group plc acquired a new position in NOV Inc. (NYSE:NOV - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 247,469 shares of the oil and gas exploration company's stock, valued at approximately $4,591,000. Man Group plc owned approximately 0.07% of NOV at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Root Financial Partners LLC grew its holdings in 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 purchasing an additional 552 shares during the period. CIBC Private Wealth Group LLC raised 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 worth $36,000 after buying an additional 1,978 shares during the period. Rothschild Investment LLC raised its stake in shares of NOV by 50.1% in the fourth quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company's stock worth $37,000 after buying an additional 780 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of NOV during the 2nd quarter valued at about $37,000. Finally, Altshuler Shaham Ltd grew its stake in shares of NOV by 36.8% during 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. 93.27% of the stock is owned by institutional investors.

NOV Price Performance

Shares of NOV opened at $20.99 on Monday. The business's 50 day moving average is $19.63 and its 200 day moving average is $19.72. 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 Inc. has a 12-month low of $12.28 and a 12-month high of $21.67. The company has a market capitalization of $7.48 billion, a PE ratio of 80.73 and a beta of 0.92.

NOV (NYSE:NOV - Get Free Report) last posted 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 period in the prior year, the company posted $0.29 EPS. The firm's revenue for the quarter was down 2.5% compared to the same quarter last year. Research analysts expect that NOV Inc. will post 0.99 earnings per share for the current fiscal year.

NOV Dividend Announcement

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 dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, September 11th. NOV's dividend payout ratio (DPR) is presently 138.46%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Capital One Financial raised shares of 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. Susquehanna upped their price target on shares of NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a research report on Thursday, July 30th. Barclays reduced their price objective on shares of NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a research note on Friday, July 31st. The Goldman Sachs Group set a $19.00 price objective on shares of NOV in a research report on Wednesday, June 3rd. Finally, TD Cowen lifted their target price on shares of NOV from $25.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $21.31.

Insiders Place Their Bets

In other NOV news, Director David D. Harrison sold 9,594 shares of NOV stock in a transaction on Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the sale, the director directly owned 126,763 shares in the company, valued at approximately $2,435,117.23. The trade was a 7.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.15% of the company's stock.

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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