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

NOV Inc. (NYSE:NOV) Director David Harrison sold 9,594 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $19.21, for a total transaction of $184,300.74. Following the sale, the director 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 filing with the Securities & Exchange Commission, which can be accessed through this link.

NOV Stock Performance

NYSE:NOV opened at $19.42 on Friday. NOV Inc. has a 52 week low of $11.77 and a 52 week high of $21.55. The company has a fifty day simple moving average of $19.61 and a two-hundred day simple moving average of $19.42. The company has a quick ratio of 1.66, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.92 billion, a price-to-earnings ratio of 74.68 and a beta of 0.91.

NOV (NYSE:NOV) last announced 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. The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations 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 last year, the firm earned $0.29 earnings per share. As a group, equities analysts anticipate that NOV Inc. will post 0.92 earnings per share for the current fiscal 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 given a $0.09 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a yield of 170.0%. NOV’s dividend payout ratio (DPR) is currently 138.46%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NOV. Royal Bank Of Canada boosted their price objective on NOV from $21.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. Citigroup raised their target price on shares of NOV from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, June 18th. Evercore upgraded shares of NOV to a “hold” rating in a report on Wednesday, April 29th. Barclays dropped their price objective on shares of NOV from $21.00 to $20.00 and set an “underweight” rating on the stock in a research report on Friday. Finally, Susquehanna raised their price objective on shares of NOV from $22.00 to $24.00 and gave the company a “positive” rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $21.31.

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

Institutional Investors Weigh In On NOV

Several hedge funds and other institutional investors have recently made changes to their positions in NOV. V Square Quantitative Management LLC purchased a new stake in NOV during the fourth quarter worth approximately $28,000. Root Financial Partners LLC boosted its holdings in NOV by 39.9% in the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock valued at $36,000 after purchasing an additional 552 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in NOV by 659.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock valued at $36,000 after purchasing an additional 1,978 shares during the last quarter. Rothschild Investment LLC raised its holdings in NOV by 50.1% during the fourth quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company’s stock worth $37,000 after purchasing an additional 780 shares in the last quarter. Finally, Altshuler Shaham Ltd raised its holdings in NOV by 36.8% during the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 546 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Company 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.