Pzena Investment Management LLC Lowers Stake in NOV Inc. $NOV

Pzena Investment Management LLC lessened its stake in shares of NOV Inc. (NYSE:NOV) by 0.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 42,164,228 shares of the oil and gas exploration company’s stock after selling 225,605 shares during the period. NOV accounts for approximately 2.0% of Pzena Investment Management LLC’s investment portfolio, making the stock its 21st biggest position. Pzena Investment Management LLC owned approximately 0.12% of NOV worth $659,027,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in shares of NOV during the 4th quarter worth about $28,000. Allworth Financial LP raised its position in shares of NOV by 37.9% during 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 during the last quarter. UMB Bank n.a. raised its position in shares of NOV by 114.1% during the 3rd quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company’s stock worth $41,000 after purchasing an additional 1,657 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in shares of NOV during the 4th quarter worth about $68,000. Finally, Horizon Investments LLC acquired a new position in shares of NOV during the 4th quarter worth about $68,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on NOV. Stifel Nicolaus upped 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. Evercore upgraded shares of NOV to a “hold” rating in a research report on Wednesday, April 29th. The Goldman Sachs Group upped their price target on shares of NOV from $17.00 to $20.00 and gave the stock a “sell” rating in a research report on Wednesday, March 4th. Weiss Ratings restated a “hold (c)” rating on shares of NOV in a research report on Friday, March 27th. Finally, BMO Capital Markets upped their price target on shares of NOV from $19.00 to $20.00 and gave the stock a “market perform” rating in a research report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $19.36.

NOV Stock Down 1.5%

NOV stock opened at $20.83 on Friday. The company has a market cap of $7.48 billion, a price-to-earnings ratio of 86.79 and a beta of 0.92. The company has a current ratio of 2.47, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27. NOV Inc. has a 12 month low of $11.65 and a 12 month high of $21.38. The firm has a 50-day moving average of $19.59 and a two-hundred day moving average of $18.05.

NOV (NYSE:NOV) last released its quarterly earnings data on Monday, April 27th. The oil and gas exploration company reported $0.05 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 analyst estimates of $2.05 billion. NOV had a net margin of 1.05% and a return on equity of 3.34%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.19 EPS. As a group, analysts forecast 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. Shareholders of record on Friday, June 12th will be issued a $0.09 dividend. The ex-dividend date is Friday, June 12th. This represents a yield of 173.0%. NOV’s dividend payout ratio is presently 150.00%.

Insider Transactions at NOV

In other NOV news, insider Joseph W. Rovig sold 151,086 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 269,694 shares in the company, valued at approximately $5,439,727.98. This represents a 35.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Craig L. Weinstock sold 70,000 shares of the firm’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 transaction of $1,405,600.00. Following the sale, the vice president owned 256,319 shares of the company’s stock, valued at $5,146,885.52. This represents a 21.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.15% of the stock is currently owned by corporate insiders.

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.