NOV Inc. $NOV Stock Bought by Capital Management Corp VA

Key Points

• Capital Management Corp VA increased its NOV stake by 67% in the third quarter, acquiring 266,704 additional shares for a total of 665,002 shares valued at approximately $12.46 million.
• NOV reported quarterly revenue of $2.23 billion and earnings of $0.25 per share, matching analyst expectations; revenue rose 2.3% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $21.67, compared with the stock’s reported price of $18.62. NOV also pays a quarterly dividend of $0.09, yielding about 1.9% annually.

Capital Management Corp VA grew its stake in NOV Inc. (NYSE:NOV - Free Report) by 67.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 665,002 shares of the oil and gas exploration company's stock after acquiring an additional 266,704 shares during the period. NOV accounts for 1.9% of Capital Management Corp VA's holdings, making the stock its 23rd biggest holding. Capital Management Corp VA owned about 0.19% of NOV worth $12,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of NOV in the second quarter valued at approximately $697,976,000. Pzena Investment Management LLC purchased a new position in NOV during the 2nd quarter worth $674,776,000. Dimensional Fund Advisors LP raised its position in NOV by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 19,404,319 shares of the oil and gas exploration company's stock valued at $364,987,000 after purchasing an additional 431,684 shares in the last quarter. First Trust Advisors LP raised its position in NOV by 2.3% during 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 purchasing an additional 158,788 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of 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 worth $86,064,000 after buying an additional 664,969 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Stock Performance

Shares of NOV stock opened at $18.62 on Tuesday. The company has a market capitalization of $6.64 billion, a PE ratio of 46.56 and a beta of 0.97. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.51. The company has a 50-day simple moving average of $19.89 and a two-hundred day simple moving average of $19.65. NOV Inc. has a one year low of $14.30 and a one year high of $21.93.

NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.25 EPS for the quarter, meeting the consensus estimate of $0.25. NOV had a net margin of 1.65% and a return on equity of 4.23%. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.20 billion. During the same period in the prior year, the firm posted $0.11 earnings per share. The company's quarterly revenue was up 2.3% on a year-over-year basis. Research analysts expect that NOV Inc. will post 1.00 EPS for the current fiscal year.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, September 11th. NOV's payout ratio is currently 90.00%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. TD Cowen upped their price objective on shares of NOV from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Citigroup reduced their price target on shares of NOV from $22.00 to $21.00 and set a "neutral" rating for the company in a report on Wednesday, September 30th. Morgan Stanley set a $21.00 price target on shares of NOV in a research report on Wednesday, July 15th. Barclays increased their price objective on shares of NOV from $20.00 to $21.00 and gave the company an "underweight" rating in a research note on Thursday. Finally, Zacks Research lowered shares of NOV from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 26th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $21.67.

NOV Profile

NOV Inc NYSE: NOV is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.

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