Parvin Asset Management LLC Invests $1.11 Million in NOV Inc. $NOV

Key Points

• Parvin Asset Management acquired 59,750 NOV shares worth approximately $1.11 million during the second quarter. Institutional investors collectively own 93.27% of NOV’s outstanding stock.
• NOV reported quarterly EPS of $0.31, beating estimates of $0.17, while revenue reached $2.13 billion but declined 2.5% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $21.31.
• NOV shares opened at $20.26, near the upper end of their 12-month range, and the company declared a quarterly dividend of $0.09 per share, representing a 1.8% annualized yield.

Parvin Asset Management LLC acquired a new stake in NOV Inc. (NYSE:NOV - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 59,750 shares of the oil and gas exploration company's stock, valued at approximately $1,108,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in NOV in the second quarter valued at approximately $697,976,000. Pzena Investment Management LLC acquired a new stake in shares of NOV in the second quarter worth $674,776,000. Dimensional Fund Advisors LP raised its stake in shares of NOV by 2.3% in 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 acquiring an additional 431,684 shares during the period. First Trust Advisors LP lifted its holdings in shares of 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 acquiring an additional 158,788 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of NOV by 14.8% during the 3rd quarter. Bank of America Corp DE now owns 5,346,302 shares of the oil and gas exploration company's stock valued at $70,839,000 after acquiring an additional 689,427 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Citigroup raised their price objective on NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, June 18th. Royal Bank Of Canada increased their target price on NOV from $21.00 to $22.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 29th. Evercore upgraded NOV to a "hold" rating in a report on Wednesday, April 29th. The Goldman Sachs Group set a $19.00 price target on NOV in a research report on Wednesday, June 3rd. Finally, Zacks Research raised shares of NOV from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, NOV has a consensus rating of "Hold" and an average target price of $21.31.

NOV Stock Up 1.6%

NOV stock opened at $20.26 on Thursday. 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 firm has a 50 day simple moving average of $19.54 and a 200-day simple moving average of $19.69. The company has a market capitalization of $7.22 billion, a P/E ratio of 77.92 and a beta of 0.92. NOV Inc. has a twelve month low of $12.28 and a twelve month high of $21.67.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. The firm had revenue of $2.13 billion for the quarter, compared to analysts' expectations of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. The firm's quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 earnings per share. On average, equities research analysts predict that NOV Inc. will post 0.99 earnings per share for the current fiscal year.

NOV Dividend Announcement

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

Insider Buying and Selling

In related news, Director David D. Harrison sold 9,594 shares of NOV stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the transaction, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.15% of the company's stock.

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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