Oldfield Partners LLP Trims Stock Position in NOV Inc. $NOV

Oldfield Partners LLP trimmed its position in NOV Inc. (NYSE:NOV) by 33.6% in the second quarter, Holdings Channel.com reports. The fund owned 3,352,580 shares of the oil and gas exploration company’s stock after selling 1,692,752 shares during the period. NOV makes up approximately 15.0% of Oldfield Partners LLP’s investment portfolio, making the stock its 5th largest position. Oldfield Partners LLP’s holdings in NOV were worth $62,190,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in 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 valued at $756,000 after purchasing an additional 6,711 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 buying an additional 42,462 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in NOV by 17.4% during the first 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 worth $16,168,000 after acquiring an additional 157,385 shares during the period. Focus Partners Wealth bought a new position in NOV in the first quarter worth about $214,000. Finally, Cetera Investment Advisers acquired a new position in NOV in the second quarter valued at approximately $190,000. 93.27% of the stock is currently owned by institutional investors.

NOV Stock Down 0.5%

Shares of NOV stock opened at $20.91 on Thursday. NOV Inc. has a 1 year low of $12.02 and a 1 year high of $21.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42. The business’s fifty day moving average is $19.56 and its 200-day moving average is $19.55. The stock has a market cap of $7.45 billion, a PE ratio of 80.42 and a beta of 0.92.

NOV (NYSE:NOV) last released its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%.The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the previous year, the company earned $0.29 earnings per share. NOV’s revenue was down 2.5% compared to the same quarter last year. Equities analysts expect that NOV Inc. will post 0.94 earnings per share for the current fiscal year.

NOV Announces Dividend

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

Insider Buying and Selling

In related news, Director David D. Harrison sold 9,594 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $19.21, for a total transaction of $184,300.74. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NOV has been the topic of a number of research reports. Morgan Stanley set a $21.00 price target on NOV in a research report on Wednesday, July 15th. Citigroup upped their price objective on NOV from $20.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. TD Cowen increased their target price on NOV from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Evercore upgraded NOV to a “hold” rating in a research note on Wednesday, April 29th. Finally, The Goldman Sachs Group set a $19.00 price target on shares of NOV in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $21.31.

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.