Parvin Asset Management LLC Boosts Stake in NOV Inc. $NOV

Parvin Asset Management LLC lifted its holdings in NOV Inc. (NYSE:NOV) by 193.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,700 shares of the oil and gas exploration company’s stock after purchasing an additional 41,350 shares during the quarter. Parvin Asset Management LLC’s holdings in NOV were worth $980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of NOV. Monaco Asset Management SAM purchased a new stake in NOV during the third quarter valued at $4,969,000. American Century Companies Inc. increased its position in NOV by 43.6% during the third quarter. American Century Companies Inc. now owns 7,596,504 shares of the oil and gas exploration company’s stock valued at $100,654,000 after acquiring an additional 2,304,975 shares during the last quarter. GSA Capital Partners LLP increased its position in NOV by 417.4% during the third quarter. GSA Capital Partners LLP now owns 203,251 shares of the oil and gas exploration company’s stock valued at $2,693,000 after acquiring an additional 163,965 shares during the last quarter. Citigroup Inc. increased its position in NOV by 32.1% during the third quarter. Citigroup Inc. now owns 357,529 shares of the oil and gas exploration company’s stock valued at $4,737,000 after acquiring an additional 86,854 shares during the last quarter. Finally, Oldfield Partners LLP increased its position in NOV by 5.8% during the fourth quarter. Oldfield Partners LLP now owns 5,045,332 shares of the oil and gas exploration company’s stock valued at $78,859,000 after acquiring an additional 276,961 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Stock Performance

NYSE:NOV opened at $19.95 on Wednesday. The stock has a 50-day simple moving average of $20.22 and a two-hundred day simple moving average of $18.74. NOV Inc. has a 52-week low of $11.77 and a 52-week high of $21.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. The firm has a market capitalization of $7.16 billion, a PE ratio of 83.12 and a beta of 0.89.

NOV (NYSE:NOV) last released its quarterly earnings results on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.12). NOV had a net margin of 1.05% and a return on equity of 3.34%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same period in the prior year, the firm posted $0.19 EPS. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. Analysts forecast that NOV Inc. will post 0.9 EPS for the current year.

NOV Dividend Announcement

The business also recently declared a special dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 12th will be issued a dividend of $0.09 per share. This represents a yield of 170.0%. The ex-dividend date of this dividend is Friday, June 12th. NOV’s payout ratio is currently 150.00%.

Analysts Set New Price Targets

NOV has been the subject of a number of research reports. Stifel Nicolaus upped their price objective on NOV from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Royal Bank Of Canada upped their price objective on NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 29th. Capital One Financial upgraded NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price objective for the company in a research report on Thursday, June 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a research report on Friday, March 27th. Finally, TD Cowen upgraded NOV from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $20.43.

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.