NOV Inc. $NOV Stock: Pzena Investment Management LLC Lowers Stake

Pzena Investment Management LLC trimmed its position in shares of NOV Inc. (NYSE:NOV) by 0.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,041,785 shares of the oil and gas exploration company’s stock after selling 334,302 shares during the quarter. NOV accounts for 2.0% of Pzena Investment Management LLC’s investment portfolio, making the stock its 21st largest holding. Pzena Investment Management LLC owned 10.11% of NOV worth $675,063,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Altshuler Shaham Ltd raised its stake in shares of NOV by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock valued at $38,000 after buying an additional 546 shares during the period. Root Financial Partners LLC raised its position in NOV by 39.9% during the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock valued at $36,000 after purchasing an additional 552 shares in the last quarter. State of Michigan Retirement System lifted its holdings in shares of NOV by 0.7% in the 1st quarter. State of Michigan Retirement System now owns 86,777 shares of the oil and gas exploration company’s stock worth $1,632,000 after acquiring an additional 600 shares during the last quarter. Corient Private Wealth LP grew its stake in shares of NOV by 6.3% during the second quarter. Corient Private Wealth LP now owns 10,643 shares of the oil and gas exploration company’s stock valued at $197,000 after buying an additional 628 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in NOV by 133.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,411 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 807 shares during the period. 93.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NOV. Zacks Research downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 26th. Citigroup cut their price target on shares of NOV from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, September 30th. TD Cowen lifted 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, July 30th. Morgan Stanley set a $21.00 target price on NOV in a research report on Wednesday, July 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a report on Monday, September 21st. Four research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $21.67.

NOV Trading Down 2.4%

NYSE NOV opened at $18.04 on Thursday. The stock has a market cap of $6.43 billion, a PE ratio of 45.11 and a beta of 0.96. NOV Inc. has a 12 month low of $14.30 and a 12 month high of $21.93. The company’s 50-day moving average price is $19.83 and its 200-day moving average price is $19.65. The company has a current ratio of 2.51, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV) last announced its earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.25 EPS for the quarter, hitting analysts’ consensus estimates of $0.25. NOV had a net margin of 1.65% and a return on equity of 4.23%. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the previous year, the company posted $0.11 earnings per share. The firm’s revenue was up 2.3% on a year-over-year basis. Equities research analysts forecast that NOV Inc. will post 1.01 earnings per share for the current year.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were paid a $0.09 dividend. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.0%. NOV’s payout ratio is currently 90.00%.

More NOV News

Here are the key news stories impacting NOV this week:

• Neutral Sentiment: An analysis noted improved profitability but said cash flow still needs to recover, tempering the earnings progress. NOV: Better Profitability, But Cash Flow Still Needs To Recover
• Negative Sentiment: A newer analysis highlighted high working-capital costs alongside weak growth expectations, factors that may weigh on cash generation and limit the investment case. NOV Inc.: High Working Capital Costs Amid Poor Growth Expectations

NOV Profile

NOV Inc (NYSE: NOV) is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.