Towle & Co. Acquires New Shares in NOV Inc. $NOV

Towle & Co. acquired a new position in NOV Inc. (NYSE:NOV) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 332,421 shares of the oil and gas exploration company’s stock, valued at approximately $6,253,000. NOV makes up approximately 2.4% of Towle & Co.’s investment portfolio, making the stock its 21st largest position. Towle & Co. owned approximately 0.09% of NOV at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of NOV. V Square Quantitative Management LLC acquired a new stake in shares of NOV in the fourth quarter worth about $28,000. Root Financial Partners LLC increased its holdings in shares of NOV by 39.9% during the 1st quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock valued at $36,000 after acquiring an additional 552 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of NOV by 659.3% in the 4th 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 acquiring an additional 1,978 shares in the last quarter. Rothschild Investment LLC raised its stake in shares of NOV by 50.1% in the 4th quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company’s stock valued at $37,000 after acquiring an additional 780 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in NOV by 37.9% in 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. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Stock Performance

Shares of NYSE NOV opened at $20.11 on Friday. NOV Inc. has a 12 month low of $11.77 and a 12 month high of $21.55. The company has a market cap of $7.22 billion, a P/E ratio of 83.82 and a beta of 0.91. The business’s 50 day moving average is $19.74 and its two-hundred day moving average is $19.33. The company has a quick ratio of 1.66, a current ratio of 2.47 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last posted its quarterly earnings data on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.12). The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 earnings per share. On average, equities analysts expect that NOV Inc. will post 0.9 EPS for the current year.

NOV Dividend Announcement

The business also recently declared a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were issued 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 is 150.00%.

Wall Street Analyst Weigh In

Several equities analysts have commented on NOV shares. Royal Bank Of Canada increased their price target on NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday, April 29th. Stifel Nicolaus boosted their price objective on shares of NOV from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. The Goldman Sachs Group set a $19.00 price objective on shares of NOV in a report on Wednesday, June 3rd. Capital One Financial upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price on the stock in a research note on Thursday, June 4th. Finally, Citigroup boosted their target price on shares of NOV from $20.00 to $22.00 and gave the stock a “neutral” rating in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.50.

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.