Public Employees Retirement System of Ohio Invests $2.05 Million in NOV Inc. $NOV

Key Points

• Public Employees Retirement System of Ohio acquired 110,624 NOV shares worth approximately $2.05 million, while institutional investors collectively own 93.27% of the company.
• NOV exceeded quarterly earnings expectations, reporting $0.31 EPS versus the $0.17 consensus and $2.13 billion in revenue, though revenue declined 2.5% year over year.
• The company declared a quarterly dividend of $0.09 per share, equivalent to a 1.7% yield; analysts maintain a consensus “Hold” rating with a $21.31 price target.

Public Employees Retirement System of Ohio bought a new position in shares of NOV Inc. (NYSE:NOV - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 110,624 shares of the oil and gas exploration company's stock, valued at approximately $2,052,000.

Several other hedge funds have also recently bought and sold shares of the business. Capstone Investment Advisors LLC acquired a new position in NOV during the second quarter valued at approximately $187,000. Parvin Asset Management LLC acquired a new stake in shares of NOV in the second quarter worth $1,108,000. Corient Private Wealth LP purchased a new position in shares of NOV in the 2nd quarter valued at $197,000. Bank of America Corp DE acquired a new position in shares of NOV during the 2nd quarter valued at $77,520,000. Finally, Caisse de depot et placement du Quebec purchased a new stake in NOV during the 2nd quarter worth $29,165,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Insider Activity at NOV

In related news, Director David 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. Insiders own 1.15% of the company's stock.

NOV Stock Performance

NYSE:NOV opened at $21.37 on Monday. The firm has a 50-day moving average of $19.90 and a two-hundred day moving average of $19.80. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.61. The stock has a market cap of $7.62 billion, a P/E ratio of 82.19 and a beta of 0.94. NOV Inc. has a 1-year low of $12.28 and a 1-year high of $21.86.

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

NOV Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, September 11th. NOV's dividend payout ratio is 138.46%.

Analysts Set New Price Targets

NOV has been the subject of several recent research reports. Morgan Stanley set a $21.00 price target on NOV in a report on Wednesday, July 15th. Zacks Research downgraded NOV from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 26th. The Goldman Sachs Group set a $19.00 target price on NOV in a research note on Wednesday, June 3rd. Citigroup boosted their price target on NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a research report on Thursday, June 18th. Finally, Barclays decreased their price target on NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $21.31.

NOV 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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