Oldfield Partners LLP Increases Stake in NOV Inc. $NOV

Oldfield Partners LLP raised its position in NOV Inc. (NYSE:NOV) by 5.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,045,332 shares of the oil and gas exploration company’s stock after acquiring an additional 276,961 shares during the quarter. NOV makes up 22.4% of Oldfield Partners LLP’s investment portfolio, making the stock its largest position. Oldfield Partners LLP owned 1.38% of NOV worth $78,859,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Gateway Investment Advisers LLC lifted its holdings in NOV by 1,845.9% in the 3rd quarter. Gateway Investment Advisers LLC now owns 235,081 shares of the oil and gas exploration company’s stock worth $3,115,000 after buying an additional 223,000 shares during the period. Tejara Capital Ltd increased its stake in shares of NOV by 33.1% during the third quarter. Tejara Capital Ltd now owns 670,199 shares of the oil and gas exploration company’s stock valued at $8,880,000 after buying an additional 166,692 shares during the period. Voya Investment Management LLC increased its stake in shares of NOV by 239.0% during the third quarter. Voya Investment Management LLC now owns 141,506 shares of the oil and gas exploration company’s stock valued at $1,875,000 after buying an additional 99,765 shares during the period. Keybank National Association OH bought a new position in shares of NOV during the third quarter valued at approximately $3,978,000. Finally, American Century Companies Inc. lifted its stake in NOV by 43.6% in the third quarter. American Century Companies Inc. now owns 7,596,504 shares of the oil and gas exploration company’s stock worth $100,654,000 after acquiring an additional 2,304,975 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Stock Performance

Shares of NOV stock opened at $19.32 on Tuesday. NOV Inc. has a 12 month low of $10.84 and a 12 month high of $20.85. The firm has a market capitalization of $6.96 billion, a P/E ratio of 50.85 and a beta of 0.89. The company has a current ratio of 2.42, a quick ratio of 1.67 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $18.94 and a two-hundred day simple moving average of $16.19.

NOV (NYSE:NOV) last released its earnings results on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.23). NOV had a return on equity of 3.57% and a net margin of 1.66%.The business had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. On average, equities analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.9%. This is a boost from NOV’s previous quarterly dividend of $0.08. The ex-dividend date is Friday, March 13th. NOV’s dividend payout ratio is currently 94.74%.

Insider Buying and Selling

In related news, VP Craig L. Weinstock sold 70,000 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the sale, the vice president owned 256,319 shares in the company, valued at $5,146,885.52. This represents a 21.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Joseph W. Rovig sold 151,086 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $20.17, for a total value of $3,047,404.62. Following the transaction, the insider directly owned 269,694 shares of the company’s stock, valued at approximately $5,439,727.98. This trade represents a 35.91% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.85% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

NOV has been the topic of several recent analyst reports. Morgan Stanley set a $16.00 price target on shares of NOV in a report on Monday, December 15th. Stifel Nicolaus raised their target price on shares of NOV from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. The Goldman Sachs Group lifted their target price on shares of NOV from $17.00 to $20.00 and gave the company a “sell” rating in a research note on Wednesday, March 4th. Royal Bank Of Canada reiterated an “outperform” rating and set a $21.00 price target on shares of NOV in a research report on Thursday, January 15th. Finally, TD Cowen downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.57.

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.