New York State Teachers Retirement System Reduces Position in NOV Inc. $NOV

Key Points

• New York State Teachers Retirement System reduced its stake by 12.6% in NOV during Q4, selling 53,288 shares and holding 370,111 shares worth $5.79 million (about 0.10% of the company).
• NOV missed earnings on April 27, reporting $0.05 EPS vs. $0.17 expected and revenue of $2.05 billion (down 2.4% year‑over‑year), while analysts project $0.93 EPS for the fiscal year.
• NOV raised its quarterly dividend to $0.09 (annualized $0.36, yield 1.8%), but the payout ratio is an elevated 150%, which could raise questions about dividend sustainability.

New York State Teachers Retirement System lessened its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 12.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 370,111 shares of the oil and gas exploration company's stock after selling 53,288 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of NOV worth $5,785,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new stake in shares of NOV in the 4th quarter valued at $28,000. UMB Bank n.a. boosted its holdings in shares of NOV by 114.1% in the 3rd quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company's stock valued at $41,000 after acquiring an additional 1,657 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of NOV by 88.4% in the 3rd quarter. Fifth Third Bancorp now owns 5,083 shares of the oil and gas exploration company's stock valued at $67,000 after acquiring an additional 2,385 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in shares of NOV in the 4th quarter valued at $68,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of NOV by 33.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,595 shares of the oil and gas exploration company's stock valued at $82,000 after acquiring an additional 1,658 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company's stock.

NOV Trading Up 0.3%

Shares of NOV stock opened at $20.18 on Thursday. The firm has a 50-day simple moving average of $19.41 and a two-hundred day simple moving average of $17.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. NOV Inc. has a fifty-two week low of $11.65 and a fifty-two week high of $20.93. The company has a market cap of $7.24 billion, a P/E ratio of 84.07 and a beta of 0.92.

NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Monday, April 27th. The oil and gas exploration company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.12). NOV had a net margin of 1.05% and a return on equity of 3.34%. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter last year, the business earned $0.19 earnings per share. NOV's revenue was down 2.4% on a year-over-year basis. As a group, equities analysts predict that NOV Inc. will post 0.93 earnings per share for the current fiscal year.

NOV Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were given a dividend of $0.09 per share. This is a boost from NOV's previous quarterly dividend of $0.08. The ex-dividend date was Friday, March 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.8%. NOV's payout ratio is 150.00%.

Analysts Set New Price Targets

Several research firms have recently commented on NOV. Barclays raised shares of NOV from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $15.00 to $20.00 in a report on Wednesday, February 4th. BMO Capital Markets upped their price objective on shares of NOV from $19.00 to $20.00 and gave the company a "market perform" rating in a report on Monday, February 9th. Evercore raised shares of NOV to a "hold" rating in a report on Wednesday, April 29th. Morgan Stanley upped their price objective on shares of NOV from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Wednesday, April 15th. Finally, Susquehanna upped their price objective on shares of NOV from $22.00 to $24.00 and gave the company a "positive" rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $19.29.

Insider Transactions at NOV

In other news, VP Craig L. Weinstock sold 70,000 shares of the firm's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $20.08, for a total transaction of $1,405,600.00. Following the sale, the vice president directly owned 256,319 shares in the company, valued at $5,146,885.52. This trade represents a 21.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph W. Rovig sold 151,086 shares of the firm's stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $20.17, for a total value of $3,047,404.62. Following the sale, the insider owned 269,694 shares in the company, valued at $5,439,727.98. This trade represents a 35.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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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