NOV Inc. $NOV Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management trimmed its NOV stake by 0.5% in the fourth quarter, but still held about 42.2 million shares worth roughly $659 million, equal to 11.56% of the company.
• NOV reported Q1 earnings of $0.05 per share, missing analyst expectations of $0.17, while revenue came in at $2.05 billion, roughly in line with forecasts and down 2.4% year over year.
• The company announced a special dividend of $0.09 per share, payable June 26 to shareholders of record on June 12, while analysts currently maintain a Hold consensus rating with a target price of $19.36.

Pzena Investment Management LLC trimmed its position in NOV Inc. (NYSE:NOV - Free Report) by 0.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,164,228 shares of the oil and gas exploration company's stock after selling 225,605 shares during the period. NOV accounts for approximately 2.0% of Pzena Investment Management LLC's investment portfolio, making the stock its 21st biggest holding. Pzena Investment Management LLC owned about 11.56% of NOV worth $659,027,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Arizona State Retirement System increased its position in shares of NOV by 0.6% in the 3rd quarter. Arizona State Retirement System now owns 111,185 shares of the oil and gas exploration company's stock valued at $1,473,000 after acquiring an additional 678 shares during the period. Allworth Financial LP increased its position in shares of NOV by 37.9% in the 4th quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company's stock valued at $40,000 after acquiring an additional 709 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of NOV by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 116,720 shares of the oil and gas exploration company's stock valued at $1,547,000 after acquiring an additional 724 shares during the period. Quadrant Capital Group LLC increased its position in shares of NOV by 2.6% in the 3rd quarter. Quadrant Capital Group LLC now owns 29,023 shares of the oil and gas exploration company's stock valued at $385,000 after acquiring an additional 743 shares during the period. Finally, Truist Financial Corp increased its position in shares of NOV by 7.6% in the 3rd quarter. Truist Financial Corp now owns 11,759 shares of the oil and gas exploration company's stock valued at $156,000 after acquiring an additional 827 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Price Performance

NYSE:NOV opened at $20.83 on Friday. NOV Inc. has a one year low of $11.65 and a one year high of $21.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. The firm has a market cap of $7.48 billion, a price-to-earnings ratio of 86.79 and a beta of 0.92. The firm's fifty day moving average is $19.59 and its two-hundred day moving average is $18.05.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings results on Monday, April 27th. The oil and gas exploration company reported $0.05 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $2.05 billion. During the same period in the previous year, the company posted $0.19 earnings per share. NOV's revenue for the quarter was down 2.4% compared to the same quarter last year. Research analysts expect that NOV Inc. will post 0.91 EPS for the current year.

NOV Announces Dividend

The company also recently announced a special dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 12th will be paid a dividend of $0.09 per share. This represents a dividend yield of 173.0%. The ex-dividend date of this dividend is Friday, June 12th. NOV's dividend payout ratio is presently 150.00%.

Insider Activity

In other news, VP Craig L. Weinstock sold 70,000 shares of the stock in a transaction dated Monday, February 23rd. The shares were 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 of the company's stock, valued at $5,146,885.52. This represents a 21.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Joseph W. Rovig sold 151,086 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the sale, the insider directly owned 269,694 shares in the company, valued at approximately $5,439,727.98. The trade was a 35.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.15% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Citigroup upped their target price on NOV from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Wednesday, February 11th. Piper Sandler upped their target price on NOV from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, February 9th. TD Cowen raised NOV from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 29th. Barclays reissued an "underweight" rating and issued a $21.00 target price (up from $20.00) on shares of NOV in a research report on Thursday, May 7th. Finally, Morgan Stanley upped their price target 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. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $19.36.

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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