Old West Investment Management LLC Makes New $1.69 Million Investment in NOV Inc. $NOV

Old West Investment Management LLC purchased a new position in shares of NOV Inc. (NYSE:NOV) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 91,306 shares of the oil and gas exploration company’s stock, valued at approximately $1,694,000.

A number of other institutional investors have also recently made changes to their positions in NOV. Crossmark Global Holdings Inc. grew its stake in shares of NOV by 203.9% in the fourth quarter. Crossmark Global Holdings Inc. now owns 85,897 shares of the oil and gas exploration company’s stock worth $1,343,000 after acquiring an additional 57,634 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of NOV by 20.4% in the first quarter. California State Teachers Retirement System now owns 422,834 shares of the oil and gas exploration company’s stock valued at $7,954,000 after acquiring an additional 71,754 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of NOV in the first quarter valued at $2,331,000. Vest Financial LLC boosted its holdings in NOV by 13.5% in the fourth quarter. Vest Financial LLC now owns 430,231 shares of the oil and gas exploration company’s stock valued at $6,725,000 after purchasing an additional 51,175 shares during the period. Finally, Bank of America Corp DE boosted its holdings in NOV by 17.0% in the first quarter. Bank of America Corp DE now owns 4,575,450 shares of the oil and gas exploration company’s stock valued at $86,064,000 after purchasing an additional 664,969 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Stock Up 0.2%

Shares of NYSE NOV opened at $21.17 on Monday. The business has a 50-day moving average of $19.56 and a two-hundred day moving average of $19.59. The company has a market capitalization of $7.55 billion, a price-to-earnings ratio of 81.43 and a beta of 0.92. NOV Inc. has a 1 year low of $12.09 and a 1 year high of $21.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.61.

NOV (NYSE:NOV) last released its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%.The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter in the prior year, the business posted $0.29 EPS. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, analysts forecast that NOV Inc. will post 0.94 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently declared a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were paid a $0.09 dividend. This represents a yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV’s dividend payout ratio is currently 138.46%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on NOV shares. Weiss Ratings restated a “hold (c)” rating on shares of NOV in a report on Wednesday, June 24th. Royal Bank Of Canada lifted their price objective on NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 29th. Barclays cut their target price on shares of NOV from $21.00 to $20.00 and set an “underweight” rating on the stock in a research note on Friday, July 31st. Morgan Stanley set a $21.00 target price on shares of NOV in a report on Wednesday, July 15th. Finally, Evercore upgraded shares of NOV to a “hold” rating in a report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $21.31.

Insiders Place Their Bets

In other NOV news, Director David D. Harrison sold 9,594 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $19.21, for a total transaction of $184,300.74. Following the sale, the director owned 126,763 shares of the company’s stock, valued at approximately $2,435,117.23. This trade represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.15% of the company’s stock.

NOV Company 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.