Oppenheimer Asset Management Inc. Buys Shares of 154,684 NOV Inc. $NOV

Key Points

• Oppenheimer Asset Management purchased 154,684 shares of NOV worth approximately $2.87 million, while institutional investors collectively own 93.27% of the company.
• NOV reported quarterly EPS of $0.31, beating estimates of $0.17, and revenue of $2.13 billion versus expectations of $2.08 billion; revenue nevertheless declined 2.5% year over year.
• Analysts have a consensus “Hold” rating and an average price target of $21.31. NOV shares recently traded at $21.17, near their 52-week high of $21.55.

Oppenheimer Asset Management Inc. purchased a new stake in shares of NOV Inc. (NYSE:NOV - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 154,684 shares of the oil and gas exploration company's stock, valued at approximately $2,869,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Root Financial Partners LLC raised its holdings in NOV by 39.9% during the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company's stock worth $36,000 after purchasing an additional 552 shares during the last quarter. Altshuler Shaham Ltd grew its holdings in NOV by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company's stock valued at $38,000 after purchasing an additional 546 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of NOV in the first quarter valued at $40,000. CIBC Private Wealth Group LLC raised its stake in shares of NOV by 659.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company's stock worth $36,000 after buying an additional 1,978 shares during the last quarter. Finally, Rothschild Investment LLC raised its stake in shares of NOV by 50.1% during the 4th quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company's stock worth $37,000 after buying an additional 780 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

Insider Transactions at NOV

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. The Goldman Sachs Group set a $19.00 price objective on shares of NOV in a research note on Wednesday, June 3rd. TD Cowen lifted their target price on shares of NOV from $25.00 to $26.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Citigroup upped their price target on shares of NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday, June 18th. Zacks Research upgraded shares of NOV from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of NOV in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $21.31.

NOV Trading Up 2.6%

NOV stock opened at $21.17 on Friday. The stock has a 50-day moving average price of $19.56 and a 200 day moving average price of $19.58. NOV Inc. has a 52 week low of $12.09 and a 52 week high of $21.55. The stock has a market cap of $7.55 billion, a PE ratio of 81.43 and a beta of 0.92. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27.

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 net margin of 1.10% and a return on equity of 3.44%. The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the firm earned $0.29 EPS. The firm's quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts predict that NOV Inc. will post 0.94 earnings per share for the current fiscal year.

NOV Announces Dividend

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

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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