Kiltearn Partners LLP Trims Stock Holdings in NOV Inc. $NOV

Kiltearn Partners LLP reduced its stake in NOV Inc. (NYSE:NOV) by 7.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 478,100 shares of the oil and gas exploration company’s stock after selling 38,600 shares during the quarter. NOV accounts for 1.3% of Kiltearn Partners LLP’s portfolio, making the stock its 25th largest position. Kiltearn Partners LLP’s holdings in NOV were worth $6,335,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Arizona State Retirement System lifted its position in shares of NOV by 0.6% during the third quarter. Arizona State Retirement System now owns 111,185 shares of the oil and gas exploration company’s stock worth $1,473,000 after purchasing an additional 678 shares in the last quarter. Truist Financial Corp grew its stake in shares of NOV by 7.6% in the third quarter. Truist Financial Corp now owns 11,759 shares of the oil and gas exploration company’s stock worth $156,000 after acquiring an additional 827 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of NOV by 25.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,738 shares of the oil and gas exploration company’s stock worth $89,000 after acquiring an additional 1,359 shares during the period. denkapparat Operations GmbH boosted its holdings in NOV by 14.2% in the second quarter. denkapparat Operations GmbH now owns 12,834 shares of the oil and gas exploration company’s stock valued at $160,000 after purchasing an additional 1,600 shares during the period. Finally, Profund Advisors LLC grew its position in shares of NOV by 4.8% during the second quarter. Profund Advisors LLC now owns 35,169 shares of the oil and gas exploration company’s stock worth $437,000 after buying an additional 1,611 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on NOV shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $21.00 price target on shares of NOV in a report on Thursday, January 15th. Citigroup upped their target price on shares of NOV from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Wednesday, February 11th. BMO Capital Markets raised their price target on NOV from $19.00 to $20.00 and gave the stock a “market perform” rating in a research note on Monday, February 9th. Morgan Stanley set a $16.00 price objective on shares of NOV in a research report on Monday, December 15th. Finally, Argus raised NOV to a “hold” rating in a report on Tuesday, February 10th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, NOV presently has an average rating of “Hold” and a consensus target price of $18.57.

Insider Transactions at NOV

In other NOV news, insider Joseph W. Rovig sold 151,086 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total value of $3,047,404.62. Following 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 position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Craig L. Weinstock sold 70,000 shares of NOV stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the completion of the transaction, the vice president owned 256,319 shares of the company’s stock, valued at approximately $5,146,885.52. The trade was a 21.45% decrease in their position. The SEC filing for this sale provides additional information. 1.85% of the stock is currently owned by insiders.

NOV Stock Down 2.0%

NOV stock opened at $18.58 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.67. NOV Inc. has a 12 month low of $10.84 and a 12 month high of $20.85. The firm has a market capitalization of $6.70 billion, a PE ratio of 48.90 and a beta of 0.89. The company’s 50 day simple moving average is $18.48 and its 200-day simple moving average is $15.75.

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

NOV Increases Dividend

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

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.