NOV (NYSE:NOV) Director Sells $184,300.74 in 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 stock was sold at an average price of $19.21, for a total value of $184,300.74. Following the transaction, the director directly owned 126,763 shares in the company, valued at $2,435,117.23. This represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

NOV Price Performance

NOV stock opened at $19.42 on Monday. NOV Inc. has a one year low of $11.77 and a one 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 has a fifty day moving average of $19.61 and a two-hundred day moving average of $19.43. The company has a market cap of $6.92 billion, a P/E ratio of 74.68 and a beta of 0.92.

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

NOV Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its position in shares of NOV by 1,743.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company’s stock valued at $79,080,000 after buying an additional 4,785,015 shares during the last quarter. Ameriprise Financial Inc. boosted its position in NOV by 401.9% during the second 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 during the last quarter. Goldman Sachs Group Inc. boosted its position in NOV by 76.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,721,997 shares of the oil and gas exploration company’s stock worth $42,545,000 after acquiring an additional 1,178,838 shares during the last quarter. Marshall Wace LLP purchased a new stake in NOV in the 3rd quarter worth approximately $14,114,000. Finally, AQR Capital Management LLC raised its holdings in NOV by 29.1% in the 4th quarter. AQR Capital Management LLC now owns 4,668,127 shares of the oil and gas exploration company’s stock valued at $72,963,000 after acquiring an additional 1,053,354 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on NOV. Citigroup boosted their price target on NOV from $20.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. Barclays reduced their price objective on NOV from $21.00 to $20.00 and set an “underweight” rating for the company in a report on Friday. Susquehanna boosted their target price on NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a research report on Thursday. Morgan Stanley set a $21.00 target price on NOV in a report on Wednesday, July 15th. Finally, Capital One Financial upgraded NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price target for the company in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $21.31.

NOV News Summary

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

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.