Geode Capital Management LLC Sells 235,023 Shares of NOV Inc. $NOV

Geode Capital Management LLC reduced its holdings in shares of NOV Inc. (NYSE:NOV) by 3.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,789,483 shares of the oil and gas exploration company’s stock after selling 235,023 shares during the quarter. Geode Capital Management LLC’s holdings in NOV were worth $106,142,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of NOV. V Square Quantitative Management LLC bought a new stake in shares of NOV during the fourth quarter worth approximately $28,000. Allworth Financial LP raised its stake in NOV by 37.9% in the 4th quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company’s stock worth $40,000 after purchasing an additional 709 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in NOV in the 4th quarter worth about $68,000. Horizon Investments LLC bought a new position in NOV in the 4th quarter valued at about $68,000. Finally, Fifth Third Bancorp increased its holdings in NOV by 88.4% in the 3rd quarter. Fifth Third Bancorp now owns 5,083 shares of the oil and gas exploration company’s stock valued at $67,000 after buying an additional 2,385 shares during the period. Institutional investors own 93.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Argus raised shares of NOV to a “hold” rating in a report on Tuesday, February 10th. TD Cowen raised shares of NOV from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 29th. Susquehanna raised their target price on shares of NOV from $22.00 to $24.00 and gave the company a “positive” rating in a report on Wednesday, April 29th. Citigroup raised their target price on shares of NOV from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Wednesday, February 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.43.

NOV Price Performance

Shares of NOV opened at $20.13 on Friday. NOV Inc. has a 12-month low of $11.77 and a 12-month high of $21.55. The business has a 50-day simple moving average of $19.97 and a two-hundred day simple moving average of $18.43. 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 stock has a market cap of $7.22 billion, a PE ratio of 83.86 and a beta of 0.89.

NOV (NYSE:NOV) last issued its quarterly earnings data on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The business 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 firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.19 EPS. Analysts anticipate that NOV Inc. will post 0.91 earnings per share for the current fiscal year.

NOV Dividend Announcement

The firm also recently disclosed a special dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be issued a $0.09 dividend. This represents a yield of 180.0%. The ex-dividend date is Friday, June 12th. NOV’s dividend payout ratio (DPR) is 150.00%.

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.