Sei Investments Co. Buys 527,220 Shares of NOV Inc. $NOV

Key Points

• Sei Investments increased its NOV stake by 50.7%, purchasing 527,220 additional shares to hold 1.57 million shares worth approximately $29.5 million. Institutional investors collectively own 93.27% of NOV.
• NOV reported quarterly EPS of $0.05, missing the $0.17 consensus estimate, while revenue matched expectations at $2.05 billion and declined 2.4% year over year.
• NOV shares opened at $20.48, near the analyst consensus target of $20.50. Analysts’ overall consensus rating is Hold, despite some firms maintaining Buy or Positive ratings.

Sei Investments Co. raised its stake in NOV Inc. (NYSE:NOV - Free Report) by 50.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,566,087 shares of the oil and gas exploration company's stock after buying an additional 527,220 shares during the quarter. Sei Investments Co. owned 0.44% of NOV worth $29,458,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State of Wyoming increased its stake in shares of NOV by 996.1% in the 1st quarter. State of Wyoming now owns 8,232 shares of the oil and gas exploration company's stock valued at $155,000 after acquiring an additional 7,481 shares during the last quarter. Cetera Investment Advisers boosted its stake in NOV by 4.4% during the 1st quarter. Cetera Investment Advisers now owns 101,617 shares of the oil and gas exploration company's stock worth $1,911,000 after acquiring an additional 4,301 shares during the last quarter. First Trust Advisors LP grew its holdings in NOV by 2.3% during the first 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 purchasing an additional 158,788 shares during the period. PNC Financial Services Group Inc. grew its holdings in NOV by 6.7% during the first quarter. PNC Financial Services Group Inc. now owns 27,471 shares of the oil and gas exploration company's stock valued at $517,000 after purchasing an additional 1,713 shares during the period. Finally, Meeder Advisory Services Inc. increased its stake in NOV by 11.4% in the first quarter. Meeder Advisory Services Inc. now owns 14,290 shares of the oil and gas exploration company's stock valued at $269,000 after purchasing an additional 1,467 shares in the last quarter. Institutional investors own 93.27% of the company's stock.

NOV Stock Down 1.3%

Shares of NOV stock opened at $20.48 on Tuesday. NOV Inc. has a 12-month low of $11.77 and a 12-month high of $21.55. The company has a quick ratio of 1.66, a current ratio of 2.47 and a debt-to-equity ratio of 0.27. The firm has a fifty day moving average of $19.73 and a 200-day moving average of $19.37. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 85.34 and a beta of 0.91.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The oil and gas exploration company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.12). The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.05 billion. NOV had a net margin of 1.05% and a return on equity of 3.34%. The company's revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 earnings per share. As a group, equities research analysts predict that NOV Inc. will post 0.9 earnings per share for the current fiscal year.

NOV Announces Dividend

The company also recently declared a special dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were issued a $0.09 dividend. This represents a dividend yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV's payout ratio is 150.00%.

Wall Street Analysts Forecast Growth

NOV has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price target on shares of NOV from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Citigroup raised their price objective on NOV from $20.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, June 18th. Morgan Stanley set a $21.00 target price on NOV in a report on Wednesday, July 15th. Evercore raised NOV to a "hold" rating in a research note on Wednesday, April 29th. Finally, Susquehanna lowered their price target on NOV from $24.00 to $22.00 and set a "positive" rating for the company in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, NOV presently has a consensus rating of "Hold" and a consensus target price of $20.50.

About NOV

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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