NOV (NYSE:NOV) Director David Harrison Sells 9,594 Shares

Key Points

• NOV Director David Harrison sold 9,594 shares at an average price of $19.21, generating approximately $184,301. He retains 126,763 shares, but the transaction reduced his ownership by 7.04%.
• NOV’s latest quarterly results exceeded expectations, with EPS of $0.31 versus the $0.17 consensus and revenue of $2.13 billion versus estimates of $2.08 billion. However, revenue declined 2.5% year over year and profitability remained modest.
• Analyst sentiment is mixed: the consensus rating is Hold with an average price target of $21.31, while some firms raised targets and Zacks upgraded the stock to “strong buy”; Barclays maintained an underweight rating and lowered its target to $20.

NOV Inc. (NYSE:NOV - Get Free Report) Director David Harrison sold 9,594 shares of the business's stock in a transaction that occurred on 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 represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

NOV Price Performance

NOV stock traded up $0.12 during midday trading on Friday, hitting $19.42. The company's stock had a trading volume of 3,899,106 shares, compared to its average volume of 4,622,583. The company has a quick ratio of 1.66, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. NOV Inc. has a 12 month low of $11.77 and a 12 month high of $21.55. The company has a 50 day moving average of $19.63 and a two-hundred day moving average of $19.42. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 74.68 and a beta of 0.91.

NOV (NYSE:NOV - Get Free Report) last released its quarterly earnings data 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. NOV had a net margin of 1.10% and a return on equity of 3.44%. The firm had revenue of $2.13 billion for the quarter, compared to analysts' expectations of $2.08 billion. During the same quarter last year, the business posted $0.29 earnings per share. The company's revenue for the quarter was down 2.5% compared to the same quarter last year. On average, analysts expect that NOV Inc. will post 0.9 EPS for the current year.

NOV Announces Dividend

The business also recently declared a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued a $0.09 dividend. This represents a yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV's payout ratio is currently 138.46%.

Analyst Ratings Changes

Several research analysts have commented on NOV shares. TD Cowen increased their price objective on shares of NOV from $25.00 to $26.00 and gave the company a "buy" rating in a report on Thursday. Susquehanna lifted their target price on NOV from $22.00 to $24.00 and gave the stock a "positive" rating in a report on Thursday. Zacks Research raised NOV from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Royal Bank Of Canada raised their price target on NOV from $21.00 to $22.00 and gave the company a "sector perform" rating in a report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed 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 assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $21.31.

Hedge Funds Weigh In On NOV

Several institutional investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. lifted its holdings in shares of NOV by 203.9% in the 4th quarter. Crossmark Global Holdings Inc. now owns 85,897 shares of the oil and gas exploration company's stock valued at $1,343,000 after acquiring an additional 57,634 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in NOV during the first quarter worth approximately $2,331,000. SG Americas Securities LLC increased its stake in NOV by 749.2% during the first quarter. SG Americas Securities LLC now owns 360,729 shares of the oil and gas exploration company's stock worth $6,785,000 after acquiring an additional 318,248 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in NOV by 99.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 65,626 shares of the oil and gas exploration company's stock valued at $1,109,000 after purchasing an additional 32,675 shares during the period. Finally, Fiduciary Alliance LLC raised its position in NOV by 32.1% during the first quarter. Fiduciary Alliance LLC now owns 288,637 shares of the oil and gas exploration company's stock valued at $5,490,000 after purchasing an additional 70,151 shares during the period. Institutional investors own 93.27% of the company's stock.

NOV News Roundup

Here are the key news stories impacting NOV this week:

• Positive Sentiment: NOV’s second-quarter results exceeded expectations, with EPS of $0.31 versus the $0.17 consensus and revenue of approximately $2.13 billion versus estimates of $2.08 billion. Strength in the Energy Equipment segment, record profitability and constructive third-quarter guidance helped offset the year-over-year revenue decline. NOV Q2 Earnings Surpass Estimates, Revenues Decrease Year Over Year
• Positive Sentiment: Zacks Research upgraded NOV from “hold” to “strong-buy,” adding a bullish signal after the earnings report. Zacks Research Upgrade
• Neutral Sentiment: Analyst targets remain above the current trading level, with a six-month median target of $21.00 and several recent targets at $22.00-$23.00. However, the range includes a $20.00 target, indicating limited consensus on near-term upside.
• Neutral Sentiment: Institutional activity was mixed: 252 investors added NOV shares in the latest quarter, while 155 reduced positions. Several large funds made substantial cuts, partially offset by additions from Jupiter Asset Management and T. Rowe Price.
• Negative Sentiment: Director David D. Harrison sold 9,594 shares worth about $184,300. The sale adds to a broader pattern of six insider sales and no purchases over the past six months, which may weigh on investor confidence. Insider Sale at NOV
• Negative Sentiment: Barclays lowered its price target from $21 to $20 and maintained an “underweight” rating, citing restrained upside potential. Barclays Lowers NOV Price Target
• Negative Sentiment: Industry conditions remain difficult as softer oilfield-equipment demand and conservative upstream capital spending create headwinds for NOV and its peers. Oilfield Equipment Industry Outlook

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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