Wedge Capital Management L L P NC Sells 424,474 Shares of NOV Inc. $NOV

Wedge Capital Management L L P NC trimmed its position in shares of NOV Inc. (NYSE:NOV) by 40.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 636,223 shares of the oil and gas exploration company’s stock after selling 424,474 shares during the period. Wedge Capital Management L L P NC’s holdings in NOV were worth $9,944,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of NOV by 15.6% during the first quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company’s stock worth $756,000 after acquiring an additional 6,711 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of NOV by 35.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company’s stock valued at $2,465,000 after purchasing an additional 42,462 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of NOV by 17.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company’s stock valued at $16,168,000 after purchasing an additional 157,385 shares during the last quarter. Focus Partners Wealth bought a new position in shares of NOV during the 1st quarter valued at $214,000. Finally, Cetera Investment Advisers purchased a new position in NOV in the 2nd quarter worth $190,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Price Performance

Shares of NOV stock opened at $19.85 on Friday. The firm has a market cap of $7.15 billion, a PE ratio of 52.24 and a beta of 0.89. NOV Inc. has a 12-month low of $10.84 and a 12-month 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 company’s fifty day simple moving average is $19.09 and its two-hundred day simple moving average is $16.35.

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

NOV Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, March 13th. This is a positive change from NOV’s previous quarterly dividend of $0.08. NOV’s dividend payout ratio is currently 94.74%.

Analyst Ratings Changes

NOV has been the subject of several recent research reports. Susquehanna reissued a “positive” rating and issued a $21.00 price target on shares of NOV in a research note on Friday, February 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a report on Monday, December 29th. Stifel Nicolaus boosted their target price on NOV from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Royal Bank Of Canada restated an “outperform” rating and set a $21.00 target price on shares of NOV in a report on Thursday, January 15th. Finally, Piper Sandler raised their price target on NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $18.57.

Insider Buying and Selling

In other news, insider Joseph W. Rovig sold 151,086 shares of the business’s 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 directly owned 269,694 shares of the company’s stock, valued at approximately $5,439,727.98. The trade was a 35.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Craig L. Weinstock sold 70,000 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $20.08, for a total value of $1,405,600.00. Following the transaction, the vice president owned 256,319 shares of the company’s stock, valued at approximately $5,146,885.52. This represents a 21.45% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.08% of the company’s stock.

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.