NOV Inc. $NOV Shares Bought by Empowered Funds LLC

Key Points

• Empowered Funds LLC increased its NOV holdings by 2,302.8% in the first quarter, acquiring 312,329 additional shares and ending with a stake worth approximately $6.13 million. Institutional investors collectively own 93.27% of NOV.
• NOV reported quarterly EPS of $0.31, beating estimates by $0.14, while revenue reached $2.13 billion, up from analysts’ expectations but down 2.5% year over year.
• NOV shares opened at $21.17, near their 52-week high of $21.55. Analysts maintain a consensus “Hold” rating with an average price target of $21.31, while the company recently paid a $0.09 special dividend.

Empowered Funds LLC grew its holdings in NOV Inc. (NYSE:NOV - Free Report) by 2,302.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 325,892 shares of the oil and gas exploration company's stock after acquiring an additional 312,329 shares during the period. Empowered Funds LLC owned about 0.09% of NOV worth $6,130,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Fifth Third Wealth Advisors LLC increased its holdings in NOV by 4.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 12,484 shares of the oil and gas exploration company's stock valued at $235,000 after purchasing an additional 541 shares in the last quarter. Altshuler Shaham Ltd lifted 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 worth $38,000 after purchasing an additional 546 shares in the last quarter. Root Financial Partners LLC lifted 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 worth $36,000 after purchasing an additional 552 shares in the last quarter. State of Michigan Retirement System boosted its position in shares of NOV by 0.7% in the first quarter. State of Michigan Retirement System now owns 86,777 shares of the oil and gas exploration company's stock worth $1,632,000 after buying an additional 600 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of NOV by 9.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 7,384 shares of the oil and gas exploration company's stock valued at $115,000 after buying an additional 611 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

NOV Price Performance

Shares of NOV opened at $21.17 on Monday. NOV Inc. has a 52 week low of $12.09 and a 52 week high of $21.55. 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 firm has a market cap of $7.55 billion, a price-to-earnings ratio of 81.43 and a beta of 0.92. The stock has a 50 day moving average of $19.56 and a 200-day moving average of $19.59.

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 (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the company posted $0.29 EPS. The business's revenue was down 2.5% compared to the same quarter last year. As a group, analysts forecast that NOV Inc. will post 0.94 EPS for the current year.

NOV Announces Dividend

The firm also recently declared a special dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given a $0.09 dividend. This represents a dividend yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV's dividend payout ratio (DPR) is presently 138.46%.

Insider Activity

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of NOV in a report on Wednesday, June 24th. Citigroup upped their price target on NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a report on Thursday, June 18th. Capital One Financial raised shares of NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 price objective for the company in a research report on Thursday, June 4th. Morgan Stanley set a $21.00 target price on shares of NOV in a research report on Wednesday, July 15th. Finally, Evercore upgraded shares of NOV to a "hold" rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, NOV currently has a consensus rating of "Hold" and a consensus target price 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.

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