Evolve Private Wealth LLC Makes New $1.13 Million Investment in NOV Inc. $NOV

Evolve Private Wealth LLC bought a new position in shares of NOV Inc. (NYSE:NOV) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 60,894 shares of the oil and gas exploration company’s stock, valued at approximately $1,130,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOV. BlackRock Inc. acquired a new position in NOV during the 2nd quarter valued at about $697,976,000. Pzena Investment Management LLC acquired a new stake in shares of NOV during the 2nd quarter worth approximately $674,776,000. Price T Rowe Associates Inc. MD raised its stake in shares of NOV by 1,743.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company’s stock worth $79,080,000 after buying an additional 4,785,015 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in NOV in the second quarter valued at approximately $54,767,000. Finally, Ameriprise Financial Inc. lifted 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 period. 93.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Capital One Financial raised shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price for the company in a report on Thursday, June 4th. Zacks Research upgraded NOV from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. The Goldman Sachs Group set a $19.00 price objective on NOV in a research note on Wednesday, June 3rd. Royal Bank Of Canada upped their price objective on NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a report on Wednesday, April 29th. Finally, Susquehanna increased their target price on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, NOV presently has a consensus rating of “Hold” and an average target price of $21.31.

NOV Price Performance

NYSE NOV opened at $20.46 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42. The stock has a market cap of $7.29 billion, a price-to-earnings ratio of 78.69 and a beta of 0.92. The business has a 50 day simple moving average of $19.53 and a 200 day simple moving average of $19.67. NOV Inc. has a 52-week low of $12.28 and a 52-week high of $21.67.

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 for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14. NOV had a net margin of 1.10% and a return on equity of 3.44%. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter in the previous year, the firm posted $0.29 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. Analysts anticipate that NOV Inc. will post 0.99 earnings per share for the current fiscal year.

NOV Dividend Announcement

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

Insider Transactions at NOV

In other NOV news, Director David D. Harrison sold 9,594 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $19.21, for a total transaction of $184,300.74. Following the completion of the transaction, the director owned 126,763 shares in the company, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.15% of the company’s stock.

NOV Company 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.