Pacer Advisors Inc. Trims Stock Position in NOV Inc. $NOV

Pacer Advisors Inc. decreased its stake in NOV Inc. (NYSE:NOV) by 9.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,916,509 shares of the oil and gas exploration company’s stock after selling 211,544 shares during the period. Pacer Advisors Inc. owned 0.53% of NOV worth $36,050,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Royal Bank of Canada grew its holdings in shares of 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 worth $756,000 after purchasing an additional 6,711 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 purchasing an additional 42,462 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of NOV by 17.4% in the 1st 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 valued at $16,168,000 after purchasing an additional 157,385 shares during the period. Focus Partners Wealth acquired a new stake in shares of NOV in the 1st quarter valued at about $214,000. Finally, Cetera Investment Advisers purchased a new position in NOV during the 2nd quarter worth approximately $190,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other NOV news, Director David D. Harrison sold 9,594 shares of the company’s stock in a transaction 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 transaction, the director owned 126,763 shares in the company, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.15% of the company’s stock.

NOV Stock Up 0.2%

NOV stock opened at $19.47 on Tuesday. The stock has a 50 day moving average of $19.58 and a two-hundred day moving average of $19.44. NOV Inc. has a twelve month low of $11.77 and a twelve month high of $21.55. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of 74.89 and a beta of 0.92. The company has a current ratio of 2.42, a quick ratio of 1.61 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 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter 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. As a group, research analysts expect that NOV Inc. will post 0.95 earnings per share for the current year.

NOV Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on NOV shares. The Goldman Sachs Group set a $19.00 price objective on NOV in a research note on Wednesday, June 3rd. Morgan Stanley set a $21.00 target price on shares of NOV in a research report on Wednesday, July 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a research report on Wednesday, June 24th. TD Cowen increased their price target on shares of NOV from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Zacks Research raised shares of NOV from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock 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.