NOV Inc. $NOV Shares Purchased by Empowered Funds LLC

Key Points

• Empowered Funds LLC increased its NOV position by 2,302.8% in the first quarter, acquiring 312,329 additional shares for a total stake worth approximately $6.13 million. Institutional investors collectively own 93.27% of the company.
• NOV reported quarterly EPS of $0.31, surpassing the $0.17 analyst consensus, while revenue of $2.13 billion also exceeded estimates. However, revenue declined 2.5% year over year, and analysts maintain a consensus “Hold” rating with a $21.31 price target.
• NOV shares recently traded near $19.42, below most analyst targets, but investor sentiment faces headwinds from soft oilfield-equipment demand and insider selling, including a director’s $184,301 share sale.

Empowered Funds LLC lifted its position in NOV Inc. (NYSE:NOV - Free Report) by 2,302.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 325,892 shares of the oil and gas exploration company's stock after acquiring an additional 312,329 shares during the quarter. Empowered Funds LLC owned 0.09% of NOV worth $6,130,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in NOV. V Square Quantitative Management LLC acquired a new stake in shares of NOV during the 4th quarter valued at approximately $28,000. Root Financial Partners LLC boosted its holdings in NOV by 39.9% in 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 during the period. CIBC Private Wealth Group LLC increased its stake in NOV by 659.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company's stock valued at $36,000 after purchasing an additional 1,978 shares during the last quarter. Rothschild Investment LLC increased its stake in NOV by 50.1% during the fourth quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company's stock valued at $37,000 after purchasing an additional 780 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in shares of NOV by 37.9% during the fourth quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company's stock worth $40,000 after purchasing an additional 709 shares during the period. 93.27% of the stock is currently owned by institutional investors.

NOV Stock Performance

Shares of NOV opened at $19.42 on Friday. The firm has a market capitalization of $6.92 billion, a PE ratio of 74.68 and a beta of 0.91. The company has a quick ratio of 1.66, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average price of $19.61 and a 200 day moving average price of $19.42. NOV Inc. has a 52-week low of $11.77 and a 52-week high of $21.55.

NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings results 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 company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. NOV's revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.29 EPS. On average, sell-side analysts anticipate that NOV Inc. will post 0.95 earnings per share for the current fiscal year.

NOV Announces Dividend

The company also recently announced a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a $0.09 dividend. This represents a yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV's dividend payout ratio is 138.46%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on NOV shares. Stifel Nicolaus raised their price target on shares of NOV from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Citigroup increased their price objective on shares of NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, June 18th. The Goldman Sachs Group set a $19.00 target price on shares of NOV in a report on Wednesday, June 3rd. Royal Bank Of Canada lifted their target price on NOV from $21.00 to $22.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 29th. Finally, Morgan Stanley set a $21.00 target price on NOV in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $21.31.

Key Stories Impacting NOV

Here are the key news stories impacting NOV this week:

• Positive Sentiment: NOV’s second-quarter results exceeded expectations, with EPS of $0.31 versus the $0.17 consensus and revenue of approximately $2.13 billion versus estimates of $2.08 billion. Strength in the Energy Equipment segment, record profitability and constructive third-quarter guidance helped offset the year-over-year revenue decline. NOV Q2 Earnings Surpass Estimates, Revenues Decrease Year Over Year
• Positive Sentiment: Zacks Research upgraded NOV from “hold” to “strong-buy,” adding a bullish signal after the earnings report. Zacks Research Upgrade
• Neutral Sentiment: Analyst targets remain above the current trading level, with a six-month median target of $21.00 and several recent targets at $22.00-$23.00. However, the range includes a $20.00 target, indicating limited consensus on near-term upside.
• Neutral Sentiment: Institutional activity was mixed: 252 investors added NOV shares in the latest quarter, while 155 reduced positions. Several large funds made substantial cuts, partially offset by additions from Jupiter Asset Management and T. Rowe Price.
• Negative Sentiment: Director David D. Harrison sold 9,594 shares worth about $184,300. The sale adds to a broader pattern of six insider sales and no purchases over the past six months, which may weigh on investor confidence. Insider Sale at NOV
• Negative Sentiment: Barclays lowered its price target from $21 to $20 and maintained an “underweight” rating, citing restrained upside potential. Barclays Lowers NOV Price Target
• Negative Sentiment: Industry conditions remain difficult as softer oilfield-equipment demand and conservative upstream capital spending create headwinds for NOV and its peers. Oilfield Equipment Industry Outlook

Insiders Place Their Bets

In other NOV news, Director David D. Harrison sold 9,594 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $19.21, for a total transaction 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. This trade represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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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