Kiltearn Partners LLP Purchases New Stake in NOV Inc. $NOV

Kiltearn Partners LLP acquired a new stake in shares of NOV Inc. (NYSE:NOV) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 251,641 shares of the oil and gas exploration company’s stock, valued at approximately $4,668,000. NOV comprises about 1.1% of Kiltearn Partners LLP’s portfolio, making the stock its 23rd biggest holding.

Several other hedge funds also recently added to or reduced their stakes in the stock. Commerce Bank bought a new stake in shares of NOV in the 2nd quarter worth about $297,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of NOV during the second quarter worth about $84,000. Quantbot Technologies LP acquired a new position in NOV in the second quarter worth about $522,000. Evolve Private Wealth LLC acquired a new position in NOV in the second quarter worth about $1,130,000. Finally, Ieq Capital LLC bought a new stake in NOV in the second quarter valued at about $1,512,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director David D. 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 transaction of $184,300.74. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have issued reports on NOV shares. The Goldman Sachs Group set a $19.00 price objective on NOV in a research note on Wednesday, June 3rd. Evercore upgraded NOV to a “hold” rating in a research report on Wednesday, April 29th. TD Cowen boosted their price target on NOV from $25.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Weiss Ratings restated a “hold (c)” rating on shares of NOV in a research note on Wednesday, June 24th. Finally, Barclays decreased their price objective on shares of NOV from $21.00 to $20.00 and set an “underweight” rating for the company in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $21.31.

NOV Stock Performance

Shares of NYSE NOV opened at $20.46 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The firm’s 50-day moving average price is $19.53 and its two-hundred day moving average price is $19.66. NOV Inc. has a 52-week low of $12.28 and a 52-week high of $21.67. The stock has a market capitalization of $7.29 billion, a P/E ratio of 78.69 and a beta of 0.92.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.17 by $0.14. The company had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%.The business’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 earnings per share. As a group, sell-side analysts forecast that NOV Inc. will post 0.99 earnings per share for the current year.

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a dividend of $0.09 per share. The ex-dividend date is Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a yield of 1.8%. NOV’s payout ratio is currently 138.46%.

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.