Corigliano Investment Advisers LLC Makes New Investment in NOV Inc. $NOV

Corigliano Investment Advisers LLC bought a new stake in NOV Inc. (NYSE:NOV) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 265,000 shares of the oil and gas exploration company’s stock, valued at approximately $4,142,000. NOV makes up about 1.5% of Corigliano Investment Advisers LLC’s holdings, making the stock its 20th largest holding.

Several other hedge funds also recently modified their holdings of NOV. Caisse de depot et placement du Quebec acquired a new stake in NOV in the 4th quarter valued at about $618,000. AQR Capital Management LLC grew its position in NOV by 29.1% during the 4th quarter. AQR Capital Management LLC now owns 4,668,127 shares of the oil and gas exploration company’s stock worth $72,963,000 after purchasing an additional 1,053,354 shares in the last quarter. Quantedge Capital Pte Ltd purchased a new position in shares of NOV during the fourth quarter valued at $2,707,000. Kovack Advisors Inc. acquired a new position in shares of NOV in the 4th quarter valued at about $2,596,000. Finally, Amundi purchased a new stake in NOV in the 4th quarter worth approximately $242,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have weighed in on NOV. TD Cowen raised NOV from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 29th. Evercore raised NOV to a “hold” rating in a research report on Wednesday, April 29th. Susquehanna boosted their price target on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research note on Wednesday, April 29th. Stifel Nicolaus boosted their price target on shares of NOV from $21.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 20th. Finally, Morgan Stanley increased their target price on NOV from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, NOV has an average rating of “Hold” and a consensus price target of $20.43.

NOV Stock Performance

NOV stock opened at $19.27 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.47 and a quick ratio of 1.66. NOV Inc. has a fifty-two week low of $11.77 and a fifty-two week high of $21.55. The stock has a market capitalization of $6.92 billion, a PE ratio of 80.31 and a beta of 0.89. The company has a 50 day moving average price of $20.23 and a 200 day moving average price of $18.77.

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

NOV Dividend Announcement

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

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.