NOV (NYSE:NOV) Insider Sells $3,047,404.62 in Stock

NOV Inc. (NYSE:NOV) insider Joseph Rovig sold 151,086 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $20.17, for a total value of $3,047,404.62. Following the sale, the insider owned 269,694 shares of the company’s stock, valued at approximately $5,439,727.98. The trade was a 35.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

NOV Stock Performance

Shares of NOV stock traded up $0.32 during trading hours on Tuesday, hitting $20.60. The stock had a trading volume of 1,725,849 shares, compared to its average volume of 4,982,083. The stock’s 50 day moving average is $17.73 and its 200 day moving average is $15.27. NOV Inc. has a twelve month low of $10.84 and a twelve month high of $20.86. The firm has a market capitalization of $7.42 billion, a PE ratio of 54.01 and a beta of 0.93. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.67.

NOV (NYSE:NOV) last posted its quarterly earnings data on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.23). NOV had a net margin of 1.66% and a return on equity of 3.57%. The firm had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter last year, the business earned $0.41 earnings per share. The business’s quarterly revenue was down 1.3% on a year-over-year basis. As a group, research analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.7%. This is an increase from NOV’s previous quarterly dividend of $0.08. NOV’s dividend payout ratio is currently 94.74%.

Wall Street Analysts Forecast Growth

NOV has been the subject of several research analyst reports. Raymond James Financial reiterated an “outperform” rating and set a $17.00 target price on shares of NOV in a research note on Tuesday, October 28th. Morgan Stanley set a $16.00 target price on shares of NOV in a research note on Monday, December 15th. Barclays raised shares of NOV from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $15.00 to $20.00 in a research note on Wednesday, February 4th. Piper Sandler boosted their target price on NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $17.00 price target on shares of NOV in a research report on Wednesday, January 14th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.36.

Institutional Investors Weigh In On NOV

Several large investors have recently added to or reduced their stakes in NOV. V Square Quantitative Management LLC bought a new position in NOV during the fourth quarter valued at about $28,000. CIBC Private Wealth Group LLC grew its position in shares of NOV by 659.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock worth $36,000 after buying an additional 1,978 shares during the last quarter. Rothschild Investment LLC grew its stake in NOV by 50.1% in the fourth quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company’s stock worth $37,000 after purchasing an additional 780 shares during the period. Allworth Financial LP increased its stake in NOV by 37.9% during the 4th quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company’s stock valued at $40,000 after purchasing an additional 709 shares in the last quarter. Finally, CoreFirst Bank & Trust purchased a new position in shares of NOV during the second quarter valued at approximately $35,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.