Van ECK Associates Corp Lowers Stock Position in NOV Inc. $NOV

Van ECK Associates Corp cut its position in shares of NOV Inc. (NYSE:NOV) by 2.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,453,353 shares of the oil and gas exploration company’s stock after selling 77,624 shares during the quarter. Van ECK Associates Corp’s holdings in NOV were worth $45,757,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in NOV. Arizona State Retirement System increased its stake in NOV by 0.6% in the 3rd quarter. Arizona State Retirement System now owns 111,185 shares of the oil and gas exploration company’s stock valued at $1,473,000 after buying an additional 678 shares during the last quarter. Truist Financial Corp boosted its stake in shares of NOV by 7.6% in the 3rd quarter. Truist Financial Corp now owns 11,759 shares of the oil and gas exploration company’s stock worth $156,000 after buying an additional 827 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of NOV by 25.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,738 shares of the oil and gas exploration company’s stock valued at $89,000 after acquiring an additional 1,359 shares in the last quarter. denkapparat Operations GmbH increased its position in shares of NOV by 14.2% during 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 acquiring an additional 1,600 shares during the last quarter. Finally, Profund Advisors LLC increased 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 valued at $437,000 after acquiring an additional 1,611 shares during the last quarter. 93.27% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Craig L. Weinstock sold 70,000 shares of NOV stock in a transaction dated Monday, February 23rd. The shares were 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 in the company, valued at $5,146,885.52. This trade represents a 21.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph W. Rovig sold 151,086 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the completion of the sale, the insider directly owned 269,694 shares in the company, valued at approximately $5,439,727.98. This trade represents a 35.91% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.08% of the stock is owned by company insiders.

NOV Stock Performance

NYSE:NOV opened at $19.12 on Thursday. The company has a market capitalization of $6.89 billion, a P/E ratio of 50.33 and a beta of 0.89. The business has a fifty day simple moving average of $18.67 and a two-hundred day simple moving average of $15.86. 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 1 year low of $10.84 and a 1 year high of $20.85.

NOV (NYSE:NOV) last issued its quarterly earnings results 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). NOV had a net margin of 1.66% and a return on equity of 3.57%. The firm had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the prior year, the company earned $0.41 EPS. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. On average, analysts expect that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a dividend of $0.09 per share. This is a boost from NOV’s previous quarterly dividend of $0.08. This represents a $0.36 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, March 13th. NOV’s dividend payout ratio (DPR) is 78.95%.

Analyst Upgrades and Downgrades

NOV has been the topic of several research analyst reports. Stifel Nicolaus boosted their price objective on NOV from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Argus raised NOV to a “hold” rating in a research report on Tuesday, February 10th. TD Cowen cut NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. BMO Capital Markets boosted their price target on shares of NOV from $19.00 to $20.00 and gave the stock a “market perform” rating in a report on Monday, February 9th. Finally, Piper Sandler raised their price objective on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $18.57.

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.