NOV Inc. $NOV Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in shares of NOV Inc. (NYSE:NOV) by 5.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 924,525 shares of the oil and gas exploration company’s stock after purchasing an additional 46,340 shares during the period. JPMorgan Chase & Co. owned about 0.25% of NOV worth $12,250,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of NOV. American Century Companies Inc. lifted its holdings in NOV by 585.8% during the 2nd quarter. American Century Companies Inc. now owns 5,291,529 shares of the oil and gas exploration company’s stock worth $65,774,000 after buying an additional 4,519,957 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of NOV by 401.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company’s stock worth $39,347,000 after acquiring an additional 2,534,815 shares in the last quarter. First Trust Advisors LP lifted its stake in NOV by 27.2% during the second quarter. First Trust Advisors LP now owns 6,091,095 shares of the oil and gas exploration company’s stock worth $75,712,000 after purchasing an additional 1,302,214 shares during the last quarter. Norges Bank acquired a new position in NOV in the second quarter valued at approximately $11,931,000. Finally, Greenhaven Associates Inc. increased its stake in NOV by 15.4% in the third quarter. Greenhaven Associates Inc. now owns 5,747,682 shares of the oil and gas exploration company’s stock valued at $76,157,000 after purchasing an additional 765,166 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Insider Transactions at NOV

In related news, insider Joseph W. Rovig sold 151,086 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the completion of the transaction, the insider directly owned 269,694 shares of the company’s stock, valued at $5,439,727.98. This represents a 35.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Craig L. Weinstock sold 70,000 shares of NOV stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $20.08, for a total value of $1,405,600.00. Following the completion of the sale, the vice president directly owned 256,319 shares in the company, valued at $5,146,885.52. This represents a 21.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.08% of the company’s stock.

NOV Stock Down 3.0%

NOV opened at $18.93 on Friday. NOV Inc. has a 52 week low of $10.84 and a 52 week high of $20.85. The business has a 50 day moving average price of $18.42 and a two-hundred day moving average price of $15.66. The company has a quick ratio of 1.67, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.82 billion, a PE ratio of 49.82 and a beta of 0.89.

NOV (NYSE:NOV) last released its earnings results on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.23). NOV had a net margin of 1.66% and a return on equity of 3.57%. The company had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the firm posted $0.41 EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. As a group, research analysts anticipate that NOV Inc. will post 1.4 EPS for the current year.

NOV Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from NOV’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 1.9%. NOV’s payout ratio is presently 78.95%.

Analyst Upgrades and Downgrades

NOV has been the subject of several recent analyst reports. Citigroup boosted their price objective on shares of NOV from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 11th. Evercore set a $19.00 price target on shares of NOV in a research report on Friday, February 6th. The Goldman Sachs Group upped their price objective on shares of NOV from $17.00 to $20.00 and gave the company a “sell” rating in a research note on Wednesday. Royal Bank Of Canada reiterated an “outperform” rating and set a $21.00 target price on shares of NOV in a research report on Thursday, January 15th. Finally, BMO Capital Markets upped their target price on NOV from $19.00 to $20.00 and gave the company a “market perform” rating in a research report on Monday, February 9th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.57.

NOV 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.