NOV Inc. $NOV Shares Sold by Oldfield Partners LLP

Key Points

• Oldfield Partners reduced its NOV stake by 33.6% in the second quarter, selling 1.69 million shares and retaining 3.35 million shares valued at about $62.2 million. Institutional investors and hedge funds collectively own 93.27% of NOV.
• NOV reported quarterly EPS of $0.31, beating analyst expectations of $0.17, while revenue reached $2.13 billion, up from estimates of $2.08 billion but down 2.5% year over year.
• NOV shares opened at $20.91, near their 52-week high, while analysts maintained a consensus “Hold” rating with an average price target of $21.31.

Oldfield Partners LLP lowered its stake in shares of NOV Inc. (NYSE:NOV - Free Report) by 33.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,352,580 shares of the oil and gas exploration company's stock after selling 1,692,752 shares during the period. NOV comprises 15.0% of Oldfield Partners LLP's portfolio, making the stock its 5th largest holding. Oldfield Partners LLP owned 0.93% of NOV worth $62,190,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of NOV by 9.5% during the 2nd quarter. GAMMA Investing LLC now owns 12,407 shares of the oil and gas exploration company's stock valued at $230,000 after acquiring an additional 1,078 shares during the period. Canandaigua National Bank & Trust Co. purchased a new stake in shares of NOV during the 2nd quarter worth approximately $1,658,000. Empowered Funds LLC grew its holdings in shares of NOV by 2,302.8% in the 1st quarter. Empowered Funds LLC now owns 325,892 shares of the oil and gas exploration company's stock worth $6,130,000 after acquiring an additional 312,329 shares during the period. Glenmede Trust Co. NA increased its stake in NOV by 19.7% in the 1st quarter. Glenmede Trust Co. NA now owns 12,704 shares of the oil and gas exploration company's stock valued at $239,000 after purchasing an additional 2,094 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in NOV by 17.0% in the 1st quarter. Bank of America Corp DE now owns 4,575,450 shares of the oil and gas exploration company's stock valued at $86,064,000 after purchasing an additional 664,969 shares in the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Price Performance

NOV opened at $20.91 on Thursday. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. NOV Inc. has a 52-week low of $12.02 and a 52-week high of $21.55. The company has a 50 day moving average of $19.56 and a two-hundred day moving average of $19.55. The company has a market cap of $7.45 billion, a P/E ratio of 80.42 and a beta of 0.92.

NOV (NYSE:NOV - Get Free Report) last issued its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the firm posted $0.29 EPS. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. On average, analysts expect that NOV Inc. will post 0.94 earnings per share for the current year.

NOV Announces Dividend

The business also recently declared a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued 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 currently 138.46%.

Insider Buying and Selling at NOV

In related 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 transaction of $184,300.74. Following the sale, the director owned 126,763 shares of the company's stock, valued at $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 the SEC website. Company insiders own 1.15% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NOV. Morgan Stanley set a $21.00 price target on NOV in a research report on Wednesday, July 15th. Citigroup increased their price objective on shares of NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a report on Thursday, June 18th. Barclays lowered their target price on shares of NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a report on Friday, July 31st. Capital One Financial upgraded shares of NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 price target on the stock in a report on Thursday, June 4th. Finally, Zacks Research upgraded NOV from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. One equities 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 given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $21.31.

NOV 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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