Pzena Investment Management LLC Takes $674.78 Million Position in NOV Inc. $NOV

Pzena Investment Management LLC purchased a new stake in shares of NOV Inc. (NYSE:NOV) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 36,376,087 shares of the oil and gas exploration company’s stock, valued at approximately $674,776,000. NOV accounts for approximately 2.0% of Pzena Investment Management LLC’s holdings, making the stock its 21st biggest position. Pzena Investment Management LLC owned about 10.20% of NOV as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Root Financial Partners LLC grew 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 worth $36,000 after acquiring an additional 552 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of NOV in the 2nd quarter worth approximately $37,000. Altshuler Shaham Ltd lifted its stake in shares of NOV by 36.8% in the 1st quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock valued at $38,000 after purchasing an additional 546 shares during the period. Summit Securities Group LLC bought a new stake in shares of NOV during the first quarter valued at approximately $40,000. Finally, CIBC Private Wealth Group LLC boosted its position in shares of NOV by 659.3% during the fourth 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 purchasing an additional 1,978 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Stock Up 2.2%

NOV stock opened at $21.60 on Tuesday. The business has a 50 day moving average of $19.57 and a 200 day moving average of $19.61. The firm has a market cap of $7.70 billion, a PE ratio of 83.08 and a beta of 0.92. NOV Inc. has a twelve month low of $12.09 and a twelve month high of $21.62. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27.

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

NOV Dividend Announcement

The business also recently declared a special dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were given 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 currently 138.46%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on NOV shares. The Goldman Sachs Group set a $19.00 price objective on NOV in a report on Wednesday, June 3rd. Morgan Stanley set a $21.00 target price on shares of NOV in a report on Wednesday, July 15th. Stifel Nicolaus upped their target price on shares of NOV from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Capital One Financial upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price target for the company in a research note on Thursday, June 4th. Finally, Evercore raised shares of NOV to a “hold” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $21.31.

Insider Transactions at NOV

In related news, Director David D. Harrison sold 9,594 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $19.21, for a total transaction of $184,300.74. Following the sale, the director directly owned 126,763 shares of the company’s stock, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.15% of the stock is currently owned by insiders.

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.