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

JPMorgan Chase & Co. increased its stake in NOV Inc. (NYSE:NOV) by 5.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 924,525 shares of the oil and gas exploration company’s stock after purchasing an additional 46,340 shares during the quarter. JPMorgan Chase & Co.’s holdings in NOV were worth $12,250,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. CoreFirst Bank & Trust purchased a new position in NOV in the second quarter valued at about $35,000. UMB Bank n.a. grew its holdings in shares of NOV by 114.1% in the 3rd quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company’s stock worth $41,000 after acquiring an additional 1,657 shares during the period. Hantz Financial Services Inc. increased its stake in NOV by 395.3% in the 2nd quarter. Hantz Financial Services Inc. now owns 3,660 shares of the oil and gas exploration company’s stock valued at $45,000 after purchasing an additional 2,921 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in NOV during the second quarter worth $80,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in NOV by 33.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,595 shares of the oil and gas exploration company’s stock worth $82,000 after purchasing an additional 1,658 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Insider Transactions at NOV

In related news, VP Craig L. Weinstock sold 70,000 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $20.08, for a total transaction 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. This represents a 21.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joseph W. Rovig sold 151,086 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the transaction, the insider directly owned 269,694 shares in the company, valued at approximately $5,439,727.98. This represents a 35.91% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.08% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Citigroup raised their price target on NOV from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. TD Cowen restated a “buy” rating on shares of NOV in a research report on Friday, February 6th. Susquehanna reaffirmed a “positive” rating and issued a $21.00 price target on shares of NOV in a report on Friday, February 6th. Royal Bank Of Canada reissued an “outperform” rating and set a $21.00 price objective on shares of NOV in a research note on Thursday, January 15th. Finally, Morgan Stanley set a $16.00 target price on NOV in a research note on Monday, December 15th. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $18.57.

NOV Stock Down 3.0%

NOV stock opened at $18.93 on Friday. The company 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 debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.42. The stock has a market capitalization of $6.82 billion, a P/E ratio of 49.82 and a beta of 0.89. NOV Inc. has a one year low of $10.84 and a one year high of $20.85.

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

NOV Increases Dividend

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