SummerHaven Investment Management LLC Takes Position in NOV Inc. $NOV

SummerHaven Investment Management LLC purchased a new position in NOV Inc. (NYSE:NOV) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 61,818 shares of the oil and gas exploration company’s stock, valued at approximately $819,000.

A number of other hedge funds also recently bought and sold shares of the business. CoreFirst Bank & Trust bought a new stake in shares of NOV in the 2nd quarter worth about $35,000. Hantz Financial Services Inc. grew its position in NOV by 395.3% in the second quarter. Hantz Financial Services Inc. now owns 3,660 shares of the oil and gas exploration company’s stock worth $45,000 after acquiring an additional 2,921 shares in the last quarter. Signaturefd LLC grew its position in NOV by 33.2% in the second quarter. Signaturefd LLC now owns 3,733 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 931 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in NOV by 123.8% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,379 shares of the oil and gas exploration company’s stock worth $67,000 after acquiring an additional 2,975 shares during the last quarter. Finally, Hilltop National Bank purchased a new stake in NOV during the second quarter valued at approximately $73,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Stock Performance

NOV stock opened at $18.40 on Thursday. NOV Inc. has a twelve month low of $10.84 and a twelve month high of $19.22. The firm has a market cap of $6.71 billion, a price-to-earnings ratio of 18.40, a PEG ratio of 5.02 and a beta of 0.95. The business’s fifty day simple moving average is $16.48 and its two-hundred day simple moving average is $14.46. The company has a quick ratio of 1.71, a current ratio of 2.55 and a debt-to-equity ratio of 0.26.

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

NOV Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, December 5th. NOV’s dividend payout ratio is currently 30.00%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NOV. Barclays lifted their target price on NOV from $13.00 to $15.00 and gave the stock an “underweight” rating in a report on Wednesday, December 17th. Piper Sandler raised their price target on NOV from $14.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, December 18th. Susquehanna boosted their price objective on shares of NOV from $17.00 to $20.00 and gave the company a “positive” rating in a research report on Wednesday, January 7th. Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a research note on Monday, December 29th. Finally, Morgan Stanley set a $16.00 price target on shares of NOV in a research note on Monday, December 15th. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $16.92.

Insider Activity at NOV

In related news, Director Christian S. Kendall purchased 70,000 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was purchased at an average price of $14.46 per share, with a total value of $1,012,200.00. Following the completion of the purchase, the director owned 85,949 shares of the company’s stock, valued at approximately $1,242,822.54. The trade was a 438.90% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.85% of the company’s stock.

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.