NOV Inc. $NOV Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management reduced its NOV stake by 7.5% in the second quarter, selling 49,947 shares and retaining 619,167 shares worth approximately $11.5 million. Institutional investors collectively own 93.27% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $21.31. Stifel Nicolaus, Capital One, and TD Cowen issued or maintained bullish views, while other firms remained neutral or bearish.
• NOV beat quarterly earnings expectations, reporting $0.31 EPS versus the $0.17 consensus and $2.13 billion in revenue, though revenue declined 2.5% year over year. The stock opened at $20.91, near its 52-week high, while a director separately sold 9,594 shares.

Wedge Capital Management L L P NC decreased its holdings in shares of NOV Inc. (NYSE:NOV - Free Report) by 7.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 619,167 shares of the oil and gas exploration company's stock after selling 49,947 shares during the quarter. Wedge Capital Management L L P NC owned about 0.17% of NOV worth $11,486,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in NOV by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 19,404,319 shares of the oil and gas exploration company's stock worth $364,987,000 after acquiring an additional 431,684 shares during the last quarter. First Trust Advisors LP raised its holdings in NOV by 2.3% in the 1st quarter. First Trust Advisors LP now owns 7,192,735 shares of the oil and gas exploration company's stock valued at $135,295,000 after acquiring an additional 158,788 shares during the last quarter. Bank of America Corp DE lifted its stake in NOV by 14.8% in the 3rd quarter. Bank of America Corp DE now owns 5,346,302 shares of the oil and gas exploration company's stock worth $70,839,000 after purchasing an additional 689,427 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in NOV by 1,743.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company's stock worth $79,080,000 after purchasing an additional 4,785,015 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of NOV by 29.1% during the 4th quarter. AQR Capital Management LLC now owns 4,668,127 shares of the oil and gas exploration company's stock worth $72,963,000 after purchasing an additional 1,053,354 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on NOV. Stifel Nicolaus increased their price target on NOV from $21.00 to $23.00 and gave the company a "buy" rating in a report on Monday, April 20th. Capital One Financial upgraded NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 target price for the company in a report on Thursday, June 4th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of NOV in a research note on Wednesday, June 24th. The Goldman Sachs Group set a $19.00 price target on NOV in a report on Wednesday, June 3rd. Finally, TD Cowen boosted their price target on shares of NOV from $25.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. 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 company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $21.31.

Insider Transactions at NOV

In other NOV news, Director David D. Harrison sold 9,594 shares of the company's 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 transaction, the director owned 126,763 shares of the company's stock, valued at $2,435,117.23. This represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.15% of the company's stock.

NOV Stock Down 0.5%

NOV stock opened at $20.91 on Thursday. NOV Inc. has a one year low of $12.02 and a one year high of $21.55. The firm has a market cap of $7.45 billion, a PE ratio of 80.42 and a beta of 0.92. The firm's 50 day moving average price is $19.56 and its 200-day moving average price is $19.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42.

NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.08 billion. During the same quarter last year, the firm earned $0.29 earnings per share. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts anticipate that NOV Inc. will post 0.94 EPS for the current year.

NOV Dividend Announcement

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

About NOV

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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