SummerHaven Investment Management LLC Buys New Position in NOV Inc. $NOV

SummerHaven Investment Management LLC bought a new stake in shares of NOV Inc. (NYSE:NOV) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 61,818 shares of the oil and gas exploration company’s stock, valued at approximately $819,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Cambiar Investors LLC purchased a new stake in shares of NOV in the 3rd quarter worth $1,545,000. Truist Financial Corp grew its holdings in NOV by 7.6% during the third quarter. Truist Financial Corp now owns 11,759 shares of the oil and gas exploration company’s stock valued at $156,000 after purchasing an additional 827 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in NOV by 37.5% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 62,508 shares of the oil and gas exploration company’s stock valued at $828,000 after purchasing an additional 17,036 shares during the period. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in NOV in the third quarter worth about $621,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of NOV by 9.5% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 361,428 shares of the oil and gas exploration company’s stock worth $4,789,000 after buying an additional 31,258 shares during the period. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Trading Down 2.8%

NOV stock opened at $18.40 on Thursday. NOV Inc. has a 1 year low of $10.84 and a 1 year high of $19.22. The firm’s 50 day moving average price is $16.48 and its 200-day moving average price is $14.46. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.55 and a quick ratio of 1.71. The stock has a market cap of $6.71 billion, a P/E ratio of 18.40, a PEG ratio of 5.02 and a beta of 0.95.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.13). NOV had a net margin of 4.36% and a return on equity of 5.89%. The firm’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS. On average, equities analysts predict that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a dividend of $0.075 per share. The ex-dividend date was Friday, December 5th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.6%. NOV’s dividend payout ratio (DPR) is presently 30.00%.

Insider Activity

In other news, Director Christian S. Kendall bought 70,000 shares of NOV stock in a transaction dated Friday, November 21st. The shares were purchased at an average cost of $14.46 per share, with a total value of $1,012,200.00. Following the completion of the acquisition, the director owned 85,949 shares of the company’s stock, valued at $1,242,822.54. This trade represents a 438.90% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Stifel Nicolaus boosted their price objective on NOV from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Susquehanna lifted their price target on shares of NOV from $17.00 to $20.00 and gave the company a “positive” rating in a report on Wednesday, January 7th. Piper Sandler increased their price objective on shares of NOV from $14.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, December 18th. TD Cowen restated a “buy” rating on shares of NOV in a research report on Wednesday, January 7th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $21.00 target price on shares of NOV in a report on Thursday, January 15th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $16.92.

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.