Ceredex Value Advisors LLC Invests $9.77 Million in NOV Inc. $NOV

Ceredex Value Advisors LLC bought a new position in NOV Inc. (NYSE:NOV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 526,900 shares of the oil and gas exploration company’s stock, valued at approximately $9,774,000. Ceredex Value Advisors LLC owned about 0.15% of NOV as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Root Financial Partners LLC raised its holdings in NOV by 39.9% during the 1st quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock worth $36,000 after buying an additional 552 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of NOV by 659.3% in the fourth 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 period. Rothschild Investment LLC increased its position in shares of 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 acquiring an additional 780 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of NOV in the second quarter worth approximately $37,000. Finally, Altshuler Shaham Ltd raised its holdings in shares of NOV by 36.8% during the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock valued at $38,000 after acquiring an additional 546 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOV has been the subject of a number of recent analyst reports. Susquehanna raised their price objective on shares of NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a research note on Thursday, July 30th. TD Cowen increased their target price on NOV from $25.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Citigroup lifted their price target on NOV from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, June 18th. The Goldman Sachs Group set a $19.00 price objective on NOV in a research note on Wednesday, June 3rd. Finally, Morgan Stanley set a $21.00 price objective on NOV in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $21.31.

Insider Transactions at NOV

In other NOV news, Director David D. Harrison sold 9,594 shares of the business’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 value of $184,300.74. Following the completion of the sale, the director directly owned 126,763 shares of the company’s stock, valued at $2,435,117.23. The trade was a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.15% of the stock is owned by company insiders.

NOV Stock Performance

Shares of NYSE NOV opened at $20.46 on Friday. 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 Inc. has a one year low of $12.28 and a one year high of $21.67. The business’s 50-day moving average price is $19.53 and its two-hundred day moving average price is $19.66. The company has a market capitalization of $7.29 billion, a P/E ratio of 78.69 and a beta of 0.92.

NOV (NYSE:NOV) last announced its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%.The firm’s revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 EPS. Analysts anticipate that NOV Inc. will post 0.97 earnings per share for the current fiscal year.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a $0.09 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a yield of 1.8%. NOV’s payout ratio is 138.46%.

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.