Pzena Investment Management LLC Trims Stock Position in NOV Inc. $NOV

Pzena Investment Management LLC trimmed its position in NOV Inc. (NYSE:NOV) by 11.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,535,449 shares of the oil and gas exploration company’s stock after selling 4,628,779 shares during the quarter. NOV comprises 2.3% of Pzena Investment Management LLC’s investment portfolio, making the stock its 19th biggest position. Pzena Investment Management LLC owned 10.41% of NOV worth $706,042,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in shares of NOV by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,972,635 shares of the oil and gas exploration company’s stock valued at $296,547,000 after buying an additional 394,582 shares during the period. First Trust Advisors LP grew its position in NOV by 0.4% in the fourth quarter. First Trust Advisors LP now owns 7,033,947 shares of the oil and gas exploration company’s stock worth $109,941,000 after acquiring an additional 25,610 shares during the period. Bank of America Corp DE grew its position in NOV by 14.8% in the third quarter. Bank of America Corp DE now owns 5,346,302 shares of the oil and gas exploration company’s stock worth $70,839,000 after acquiring an additional 689,427 shares during the period. Price T Rowe Associates Inc. MD increased its stake in NOV by 1,743.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company’s stock worth $79,080,000 after acquiring an additional 4,785,015 shares during the last quarter. Finally, Oldfield Partners LLP raised its position in NOV by 5.8% in the fourth quarter. Oldfield Partners LLP now owns 5,045,332 shares of the oil and gas exploration company’s stock valued at $78,859,000 after purchasing an additional 276,961 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Stock Down 2.4%

Shares of NYSE:NOV opened at $18.11 on Thursday. The firm has a market capitalization of $6.50 billion, a PE ratio of 75.45 and a beta of 0.91. NOV Inc. has a 1 year low of $11.77 and a 1 year high of $21.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.47 and a quick ratio of 1.66. The firm’s 50-day moving average is $20.08 and its two-hundred day moving average is $18.95.

NOV (NYSE:NOV) last announced its quarterly earnings data on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.05 billion. NOV had a net margin of 1.05% and a return on equity of 3.34%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 EPS. Analysts predict that NOV Inc. will post 0.9 EPS for the current year.

NOV Dividend Announcement

The business also recently announced a special dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were issued a $0.09 dividend. The ex-dividend date was Friday, June 12th. This represents a yield of 170.0%. NOV’s dividend payout ratio (DPR) is 150.00%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NOV. Susquehanna increased their price target on NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a report on Wednesday, April 29th. Capital One Financial upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price objective on the stock in a report on Thursday, June 4th. Morgan Stanley increased their target price on shares of NOV from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Barclays reissued an “underweight” rating and issued a $21.00 price target (up from $20.00) on shares of NOV in a research note on Thursday, May 7th. Finally, TD Cowen raised shares of NOV from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $20.57.

NOV Profile

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.