Pzena Investment Management LLC Decreases Stake in NOV Inc. $NOV

Pzena Investment Management LLC lessened its position in shares of NOV Inc. (NYSE:NOV) by 11.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,535,449 shares of the oil and gas exploration company’s stock after selling 4,628,779 shares during the period. NOV comprises 2.3% of Pzena Investment Management LLC’s investment portfolio, making the stock its 19th biggest holding. Pzena Investment Management LLC owned about 0.10% of NOV worth $706,042,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of NOV by 1,743.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company’s stock valued at $79,080,000 after purchasing an additional 4,785,015 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in NOV by 401.9% in the second quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company’s stock valued at $39,347,000 after buying an additional 2,534,815 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in NOV by 76.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,721,997 shares of the oil and gas exploration company’s stock valued at $42,545,000 after buying an additional 1,178,838 shares in the last quarter. Marshall Wace LLP purchased a new stake in NOV during the 3rd quarter worth about $14,114,000. Finally, AQR Capital Management LLC boosted its position in shares of NOV by 29.1% during the 4th quarter. AQR Capital Management LLC now owns 4,668,127 shares of the oil and gas exploration company’s stock worth $72,963,000 after acquiring an additional 1,053,354 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Morgan Stanley increased their price objective on NOV from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. The Goldman Sachs Group set a $19.00 price target on NOV in a report on Wednesday, June 3rd. Susquehanna raised their price objective on shares of NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a report on Wednesday, April 29th. Barclays restated an “underweight” rating and set a $21.00 price objective (up from $20.00) on shares of NOV in a research report on Thursday, May 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of NOV in a report on Wednesday, June 24th. One investment 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.57.

NOV Stock Down 2.4%

NOV stock opened at $18.11 on Thursday. The company has a market capitalization of $6.50 billion, a P/E ratio of 75.45 and a beta of 0.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. NOV Inc. has a fifty-two week low of $11.77 and a fifty-two week high of $21.55. The stock has a 50-day simple moving average of $20.08 and a 200-day simple moving average of $18.95.

NOV (NYSE:NOV) last released its quarterly earnings results on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.05 billion. NOV had a return on equity of 3.34% and a net margin of 1.05%.The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS. Equities research analysts expect that NOV Inc. will post 0.9 earnings per share for the current year.

NOV Announces Dividend

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

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.