David Harrison Sells 9,594 Shares of NOV (NYSE:NOV) Stock

NOV Inc. (NYSE:NOV) Director David Harrison sold 9,594 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the transaction, the director directly owned 126,763 shares in the company, valued at approximately $2,435,117.23. This trade represents a 7.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

NOV Stock Up 0.6%

Shares of NYSE:NOV opened at $19.42 on Friday. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 74.68 and a beta of 0.91. NOV Inc. has a 12-month low of $11.77 and a 12-month high of $21.55. The business has a 50-day moving average price of $19.61 and a 200 day moving average price of $19.42. The company has a current ratio of 2.42, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14. The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. NOV’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.29 earnings per share. Sell-side analysts expect that NOV Inc. will post 0.95 EPS for the current year.

NOV Announces Dividend

The business also recently declared a special dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were paid a $0.09 dividend. This represents a dividend yield of 170.0%. The ex-dividend date of this dividend was Friday, June 12th. NOV’s payout ratio is 138.46%.

Institutional Investors Weigh In On NOV

Large investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new position in NOV in the 4th quarter valued at approximately $28,000. Root Financial Partners LLC raised its stake in shares of NOV by 39.9% in the first 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 in the last quarter. Altshuler Shaham Ltd raised its stake in shares of NOV by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock valued at $38,000 after acquiring an additional 546 shares in the last quarter. Summit Securities Group LLC purchased a new position in NOV in the first quarter valued at $40,000. Finally, CIBC Private Wealth Group LLC grew its stake in NOV by 659.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock worth $36,000 after purchasing an additional 1,978 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NOV. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a report on Wednesday, June 24th. Evercore upgraded NOV to a “hold” rating in a research note on Wednesday, April 29th. The Goldman Sachs Group set a $19.00 price target on NOV in a research report on Wednesday, June 3rd. Royal Bank Of Canada lifted their price objective on NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Finally, Zacks Research upgraded NOV from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $21.31.

NOV News Roundup

Here are the key news stories impacting NOV this week:

• Positive Sentiment: NOV’s second-quarter results exceeded expectations, with EPS of $0.31 versus the $0.17 consensus and revenue of approximately $2.13 billion versus estimates of $2.08 billion. Strength in the Energy Equipment segment, record profitability and constructive third-quarter guidance helped offset the year-over-year revenue decline. NOV Q2 Earnings Surpass Estimates, Revenues Decrease Year Over Year
• Positive Sentiment: Zacks Research upgraded NOV from “hold” to “strong-buy,” adding a bullish signal after the earnings report. Zacks Research Upgrade
• Neutral Sentiment: Analyst targets remain above the current trading level, with a six-month median target of $21.00 and several recent targets at $22.00-$23.00. However, the range includes a $20.00 target, indicating limited consensus on near-term upside.
• Neutral Sentiment: Institutional activity was mixed: 252 investors added NOV shares in the latest quarter, while 155 reduced positions. Several large funds made substantial cuts, partially offset by additions from Jupiter Asset Management and T. Rowe Price.
• Negative Sentiment: Director David D. Harrison sold 9,594 shares worth about $184,300. The sale adds to a broader pattern of six insider sales and no purchases over the past six months, which may weigh on investor confidence. Insider Sale at NOV
• Negative Sentiment: Barclays lowered its price target from $21 to $20 and maintained an “underweight” rating, citing restrained upside potential. Barclays Lowers NOV Price Target
• Negative Sentiment: Industry conditions remain difficult as softer oilfield-equipment demand and conservative upstream capital spending create headwinds for NOV and its peers. Oilfield Equipment Industry Outlook

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.