NOV Inc. $NOV Stock Sold by Vest Financial LLC

Key Points

• Vest Financial LLC reduced its NOV stake by 52.3% in the third quarter, selling 127,846 shares and retaining 116,763 shares worth approximately $2.19 million. Other institutional investors made mixed moves, while institutions collectively own 93.27% of NOV.
• NOV shares were trading at $19.83, up 5.7%, with a market capitalization of $7.07 billion. The company recently exceeded quarterly earnings expectations, reporting EPS of $0.31 versus the $0.17 consensus, although revenue declined 2.5% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $21.23. NOV also maintains a quarterly dividend of $0.09 per share, equivalent to a 1.8% annual yield.

Vest Financial LLC cut its position in NOV Inc. (NYSE:NOV - Free Report) by 52.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 116,763 shares of the oil and gas exploration company's stock after selling 127,846 shares during the period. Vest Financial LLC's holdings in NOV were worth $2,187,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Axxcess Wealth Management LLC purchased a new position in NOV in the 3rd quarter worth approximately $191,000. Crossmark Global Holdings Inc. raised its stake in shares of NOV by 140.5% in the third quarter. Crossmark Global Holdings Inc. now owns 224,263 shares of the oil and gas exploration company's stock worth $4,200,000 after purchasing an additional 130,996 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of NOV by 4.1% in the third quarter. Quadrant Capital Group LLC now owns 31,267 shares of the oil and gas exploration company's stock worth $593,000 after purchasing an additional 1,223 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of NOV by 16.9% during the third quarter. Nisa Investment Advisors LLC now owns 32,691 shares of the oil and gas exploration company's stock valued at $612,000 after purchasing an additional 4,719 shares in the last quarter. Finally, Curated Wealth Partners LLC bought a new position in shares of NOV during the third quarter valued at $191,000. Institutional investors own 93.27% of the company's stock.

NOV Trading Up 5.7%

Shares of NOV stock opened at $19.83 on Friday. The company has a market capitalization of $7.07 billion, a P/E ratio of 76.28 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 2.42. The company has a fifty day moving average of $20.05 and a 200 day moving average of $19.90. NOV Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $21.93.

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, topping the consensus estimate of $0.17 by $0.14. The firm had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%. The firm's revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the business posted $0.29 earnings per share. On average, sell-side analysts anticipate that NOV Inc. will post 0.99 earnings per share for the current fiscal year.

NOV Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were given a dividend of $0.09 per share. The ex-dividend date was Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.8%. NOV's dividend payout ratio (DPR) is presently 138.46%.

Wall Street Analysts Forecast Growth

NOV has been the topic of several research analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of NOV in a research note on Monday, September 21st. Susquehanna raised their price target on NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a research note on Thursday, July 30th. Zacks Research downgraded NOV from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 26th. Citigroup cut their target price on shares of NOV from $22.00 to $21.00 and set a "neutral" rating for the company in a research report on Wednesday, September 30th. Finally, TD Cowen upped their price objective on NOV from $25.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, July 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $21.23.

Insider Buying and Selling

In related news, Director David Harrison sold 9,594 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $19.21, for a total transaction of $184,300.74. Following the completion of the transaction, the director directly owned 126,763 shares of the company's stock, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.15% of the company's stock.

NOV Company 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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