NOV Inc. $NOV Shares Sold by Quantbot Technologies LP

Quantbot Technologies LP cut its holdings in shares of NOV Inc. (NYSE:NOV) by 70.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 52,842 shares of the oil and gas exploration company’s stock after selling 128,528 shares during the quarter. Quantbot Technologies LP’s holdings in NOV were worth $700,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. First Trust Advisors LP boosted its position in NOV by 27.2% in the 2nd quarter. First Trust Advisors LP now owns 6,091,095 shares of the oil and gas exploration company’s stock worth $75,712,000 after purchasing an additional 1,302,214 shares in the last quarter. Greenhaven Associates Inc. lifted its stake in shares of NOV by 15.4% in the 3rd quarter. Greenhaven Associates Inc. now owns 5,747,682 shares of the oil and gas exploration company’s stock valued at $76,157,000 after purchasing an additional 765,166 shares during the period. American Century Companies Inc. lifted its stake in shares of NOV by 585.8% in the 2nd quarter. American Century Companies Inc. now owns 5,291,529 shares of the oil and gas exploration company’s stock valued at $65,774,000 after purchasing an additional 4,519,957 shares during the period. Ameriprise Financial Inc. boosted its holdings in NOV by 401.9% during the second quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company’s stock worth $39,347,000 after buying an additional 2,534,815 shares in the last quarter. Finally, LSV Asset Management grew its position in NOV by 48.1% during the second quarter. LSV Asset Management now owns 2,233,000 shares of the oil and gas exploration company’s stock valued at $27,756,000 after buying an additional 724,822 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NOV

In related news, insider Joseph W. Rovig sold 151,086 shares of NOV stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the transaction, the insider owned 269,694 shares in the company, valued at approximately $5,439,727.98. This trade represents a 35.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Craig L. Weinstock sold 70,000 shares of the business’s stock in a transaction 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 transaction, the vice president directly owned 256,319 shares in the company, valued at $5,146,885.52. This trade represents a 21.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.08% of the stock is currently owned by company insiders.

NOV Trading Down 2.0%

Shares of NOV opened at $18.58 on Friday. NOV Inc. has a 52-week low of $10.84 and a 52-week high of $20.85. The company has a quick ratio of 1.67, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The firm’s fifty day moving average is $18.48 and its two-hundred day moving average is $15.73. The stock has a market cap of $6.70 billion, a PE ratio of 48.90 and a beta of 0.89.

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

NOV Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a $0.09 dividend. This is a boost from NOV’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, March 13th. NOV’s payout ratio is 78.95%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on NOV shares. Argus upgraded NOV to a “hold” rating in a research report on Tuesday, February 10th. Evercore set a $19.00 price target on NOV in a report on Friday, February 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a research report on Monday, December 29th. Piper Sandler boosted their price objective on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Finally, Citigroup upped their target price on NOV from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 11th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently 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.