NOV Inc. $NOV Stock: Crossmark Global Holdings Inc. Raises Stake

Key Points

• Crossmark Global Holdings increased its NOV stake by 140.5% in the third quarter, acquiring 130,996 additional shares and bringing its total position to 224,263 shares. Institutional investors collectively own 93.27% of the company.
• NOV reported quarterly EPS of $0.31, beating analysts’ $0.17 estimate, while revenue reached $2.13 billion. However, revenue declined 2.5% year over year, and analysts expect full-year EPS of $0.99.
• The company maintains a quarterly dividend of $0.09, equivalent to a 1.8% yield, while analysts hold a consensus “Hold” rating with an average price target of $21.23 versus the reported share price of $19.83.

Crossmark Global Holdings Inc. grew its position in shares of NOV Inc. (NYSE:NOV - Free Report) by 140.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 224,263 shares of the oil and gas exploration company's stock after buying an additional 130,996 shares during the quarter. Crossmark Global Holdings Inc. owned 0.06% of NOV worth $4,200,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of NOV during the second quarter valued at approximately $697,976,000. Pzena Investment Management LLC bought a new stake in NOV during the 2nd quarter worth approximately $674,776,000. Dimensional Fund Advisors LP lifted its stake in shares of 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 buying an additional 431,684 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of NOV by 2.3% in the first quarter. First Trust Advisors LP now owns 7,192,735 shares of the oil and gas exploration company's stock worth $135,295,000 after acquiring an additional 158,788 shares during the period. Finally, Bank of America Corp DE boosted 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 worth $86,064,000 after purchasing an additional 664,969 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Stock Up 5.7%

Shares of NYSE:NOV opened at $19.83 on Friday. The business has a 50-day moving average price of $20.05 and a 200 day moving average price of $19.90. NOV Inc. has a 12-month low of $13.84 and a 12-month high of $21.93. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 76.28 and a beta of 0.97.

NOV (NYSE:NOV - Get Free Report) last released its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%. The firm had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.08 billion. During the same period last year, the business posted $0.29 earnings per share. NOV's revenue was down 2.5% compared to the same quarter last year. Sell-side analysts expect that NOV Inc. will post 0.99 EPS for the current year.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were given a $0.09 dividend. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a yield of 1.8%. NOV's payout ratio is 138.46%.

Insider Transactions at NOV

In related news, Director David Harrison sold 9,594 shares of the firm's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $19.21, for a total transaction 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 trade 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. 1.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on NOV shares. Morgan Stanley set a $21.00 price objective on NOV in a research report on Wednesday, July 15th. Susquehanna increased their price target on NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a report on Thursday, July 30th. Zacks Research downgraded NOV from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 26th. TD Cowen increased their target price 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. Finally, Citigroup decreased their target price on NOV from $22.00 to $21.00 and set a "neutral" rating for the company in a report on Wednesday, September 30th. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $21.23.

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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