Institute for Wealth Management LLC. Makes New $513,000 Investment in NOV Inc. $NOV

Institute for Wealth Management LLC. bought a new position in shares of NOV Inc. (NYSE:NOV) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 32,794 shares of the oil and gas exploration company’s stock, valued at approximately $513,000.

Several other institutional investors and hedge funds have also made changes to their positions in NOV. Ameriprise Financial Inc. grew its stake in NOV by 401.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company’s stock worth $39,347,000 after buying an additional 2,534,815 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of NOV by 43.6% in the third quarter. American Century Companies Inc. now owns 7,596,504 shares of the oil and gas exploration company’s stock valued at $100,654,000 after acquiring an additional 2,304,975 shares during the period. Marshall Wace LLP purchased a new position in shares of NOV during the third quarter worth approximately $14,114,000. Voloridge Investment Management LLC increased its holdings in shares of NOV by 361.8% in the 3rd quarter. Voloridge Investment Management LLC now owns 1,252,182 shares of the oil and gas exploration company’s stock valued at $16,591,000 after acquiring an additional 981,028 shares during the period. Finally, First Trust Advisors LP increased its holdings in shares of NOV by 15.1% in the 3rd quarter. First Trust Advisors LP now owns 7,008,337 shares of the oil and gas exploration company’s stock valued at $92,860,000 after acquiring an additional 917,242 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Stock Up 0.3%

Shares of NYSE:NOV opened at $19.16 on Tuesday. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 50.41 and a beta of 0.94. The firm’s 50-day simple moving average is $19.26 and its 200-day simple moving average is $17.04. The company has a quick ratio of 1.67, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. NOV Inc. has a fifty-two week low of $11.44 and a fifty-two week high of $20.85.

NOV (NYSE:NOV) last posted its quarterly earnings results on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.23). The firm had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.17 billion. NOV had a return on equity of 3.57% and a net margin of 1.66%.The company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.41 earnings per share. As a group, equities research analysts predict that NOV Inc. will post 1 earnings per share for the current year.

NOV Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, March 13th. This is a positive change from NOV’s previous quarterly dividend of $0.08. NOV’s payout ratio is presently 94.74%.

Wall Street Analysts Forecast Growth

NOV has been the subject of a number of recent research reports. Stifel Nicolaus increased their price target on shares of NOV from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday. Royal Bank Of Canada lowered shares of NOV from an “outperform” rating to a “sector perform” rating and set a $21.00 price objective on the stock. in a research note on Tuesday, April 14th. Piper Sandler increased their target price on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Susquehanna boosted their price target on NOV from $21.00 to $22.00 and gave the company a “positive” rating in a research report on Tuesday, April 7th. Finally, Morgan Stanley upped their price objective on NOV from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Three equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $19.07.

Insider Buying and Selling

In related news, VP Craig L. Weinstock sold 70,000 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total transaction of $1,405,600.00. Following the transaction, the vice president owned 256,319 shares of the company’s stock, valued at $5,146,885.52. This represents a 21.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joseph W. Rovig sold 151,086 shares of the stock in a transaction 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 completion of the transaction, the insider owned 269,694 shares of the company’s stock, valued at $5,439,727.98. The trade was a 35.91% decrease in their position. The SEC filing for this sale provides additional information. Corporate 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.