NOV Inc. $NOV Stake Boosted by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its NOV stake by 0.9% in Q3 to 18,578,053 shares—about 5.09% of the company—valued at roughly $246.16 million.
• NOV missed quarterly earnings, reporting $0.02 EPS versus $0.25 expected while posting $2.28 billion in revenue; the stock trades near $18.58 with a $6.7 billion market cap and a 52-week range of $10.84–$20.85.
• Dividend raised to $0.09 quarterly ($0.36 annualized, ~1.9% yield), even as insiders sold significant shares (151,086 and 70,000) and institutional ownership stands at 93.27%.

Dimensional Fund Advisors LP increased its stake in NOV Inc. (NYSE:NOV - Free Report) by 0.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,578,053 shares of the oil and gas exploration company's stock after purchasing an additional 161,414 shares during the period. Dimensional Fund Advisors LP owned 5.09% of NOV worth $246,159,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NOV. CoreFirst Bank & Trust acquired a new stake in NOV in the second quarter worth $35,000. UMB Bank n.a. grew its position in shares of NOV by 114.1% during the third quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company's stock worth $41,000 after acquiring an additional 1,657 shares during the last quarter. Fifth Third Bancorp grew its position in shares of NOV by 88.4% during the third quarter. Fifth Third Bancorp now owns 5,083 shares of the oil and gas exploration company's stock worth $67,000 after acquiring an additional 2,385 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of NOV by 33.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,595 shares of the oil and gas exploration company's stock worth $82,000 after acquiring an additional 1,658 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in NOV by 25.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,738 shares of the oil and gas exploration company's stock valued at $89,000 after purchasing an additional 1,359 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

NOV Stock Down 2.0%

NOV stock opened at $18.58 on Friday. The stock has a market cap of $6.70 billion, a price-to-earnings ratio of 48.90 and a beta of 0.89. The company has a current ratio of 2.42, a quick ratio of 1.67 and a debt-to-equity ratio of 0.27. The company's 50-day moving average price is $18.48 and its two-hundred day moving average price is $15.73. NOV Inc. has a 52 week low of $10.84 and a 52 week high of $20.85.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.23). The company had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.17 billion. NOV had a return on equity of 3.57% and a net margin of 1.66%.The company's revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share. On average, analysts expect that NOV Inc. will post 1.4 EPS for the current fiscal year.

NOV Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from NOV's previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 1.9%. NOV's dividend payout ratio is presently 78.95%.

Insider Buying and Selling

In other news, insider Joseph W. Rovig sold 151,086 shares of the business's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total value of $3,047,404.62. Following the sale, the insider owned 269,694 shares of the company's stock, valued at approximately $5,439,727.98. The trade was a 35.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Craig L. Weinstock sold 70,000 shares of the company's stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $20.08, for a total value of $1,405,600.00. Following the completion of the sale, the vice president owned 256,319 shares of the company's stock, valued at approximately $5,146,885.52. This trade represents a 21.45% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.08% of the company's stock.

Wall Street Analysts Forecast Growth

NOV has been the subject of a number of analyst reports. Piper Sandler boosted their target price on shares of NOV from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, February 9th. Citigroup lifted their price target on NOV from $17.00 to $20.00 and gave the company a "neutral" rating in a report on Wednesday, February 11th. Morgan Stanley set a $16.00 price objective on NOV in a research report on Monday, December 15th. Evercore set a $19.00 price objective on NOV in a report on Friday, February 6th. Finally, TD Cowen restated a "buy" rating on shares of NOV in a research report on Friday, February 6th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $18.57.

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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