NOV Inc. $NOV Shares Sold by Hsbc Holdings PLC

Key Points

• HSBC Holdings cut its NOV stake by 84.5% in the second quarter, selling 376,887 shares and retaining 69,101 shares valued at approximately $1.29 million. Institutional investors and hedge funds collectively own 93.27% of NOV.
• NOV reported quarterly EPS of $0.31, exceeding analyst estimates of $0.17, while revenue reached $2.13 billion, up from expectations of $2.08 billion but down 2.5% year over year.
• The company declared a quarterly dividend of $0.09 per share, equivalent to an annualized yield of 1.7%. Analysts maintain a consensus “Hold” rating with an average price target of $21.31.

Hsbc Holdings PLC lowered its holdings in NOV Inc. (NYSE:NOV - Free Report) by 84.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,101 shares of the oil and gas exploration company's stock after selling 376,887 shares during the period. Hsbc Holdings PLC's holdings in NOV were worth $1,287,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NOV. Fifth Third Wealth Advisors LLC increased its holdings in shares of NOV by 4.5% in the first 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 buying an additional 541 shares in the last quarter. Altshuler Shaham Ltd grew its holdings in shares of NOV by 36.8% in the 1st quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company's stock worth $38,000 after acquiring an additional 546 shares during the last quarter. Root Financial Partners LLC grew its holdings in shares of NOV by 39.9% in the 1st quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock worth $36,000 after acquiring an additional 552 shares during the last quarter. State of Michigan Retirement System raised its position in shares of NOV by 0.7% during 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 purchasing an additional 600 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of NOV by 9.0% during 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 purchasing an additional 611 shares during the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Trading Down 1.0%

NYSE:NOV opened at $21.11 on Friday. The stock has a market cap of $7.52 billion, a PE ratio of 81.19 and a beta of 0.94. NOV Inc. has a fifty-two week low of $12.28 and a fifty-two week high of $21.93. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.61. The stock's 50-day moving average is $20.22 and its two-hundred day moving average is $19.85.

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, topping analysts' consensus estimates of $0.17 by $0.14. NOV had a net margin of 1.10% and a return on equity of 3.44%. The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the firm earned $0.29 earnings per share. The firm's revenue was down 2.5% compared to the same quarter last year. As a group, equities research analysts forecast 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. Shareholders of record on Friday, September 11th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.7%. NOV's dividend payout ratio (DPR) is 138.46%.

Insider Activity at NOV

In other news, Director David Harrison sold 9,594 shares of the business's stock in a transaction 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 directly owned 126,763 shares in the company, valued at $2,435,117.23. The trade was a 7.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NOV. Citigroup increased their price target on NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, June 18th. Susquehanna boosted their price objective on NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a 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. Capital One Financial raised shares of NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 target price on the stock in a research report on Thursday, June 4th. Finally, The Goldman Sachs Group set a $19.00 price target on shares of NOV in a report on Wednesday, June 3rd. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $21.31.

About NOV

NOV Inc is a global provider of equipment, technologies and services used in the oil and gas industry. The company supplies products for drilling, well construction, completion and production operations, serving onshore and offshore customers across the energy value chain.

Its offerings include land and offshore drilling equipment, rig systems, drilling tools, tubular-handling equipment, wellbore technologies, completion tools and production systems. NOV also provides aftermarket parts, technical support, repair and maintenance services, and other solutions intended to improve the efficiency, safety and reliability of energy operations.

NOV serves customers in major energy-producing regions around the world through manufacturing, service and distribution operations.

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