Caisse de depot et placement du Quebec Acquires Shares of 1,572,255 NOV Inc. $NOV

Caisse de depot et placement du Quebec acquired a new position in shares of NOV Inc. (NYSE:NOV) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 1,572,255 shares of the oil and gas exploration company’s stock, valued at approximately $29,165,000.

Other institutional investors have also modified their holdings of the company. Root Financial Partners LLC raised its stake in shares of NOV by 39.9% during the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock worth $36,000 after purchasing an additional 552 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in 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 valued at $36,000 after buying an additional 1,978 shares during the last quarter. Rothschild Investment LLC increased its stake in NOV by 50.1% in the 4th quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company’s stock valued at $37,000 after buying an additional 780 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in NOV in the 2nd quarter valued at $37,000. Finally, Altshuler Shaham Ltd raised its position in NOV by 36.8% during the 1st quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock worth $38,000 after buying an additional 546 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

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 shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the transaction, the director directly owned 126,763 shares of the company’s stock, valued at approximately $2,435,117.23. This trade represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Barclays lowered their target price on shares of NOV from $21.00 to $20.00 and set an “underweight” rating on the stock in a report on Friday, July 31st. Capital One Financial raised shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price target for the company in a report on Thursday, June 4th. Zacks Research downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. TD Cowen lifted their price objective on NOV from $25.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Susquehanna boosted their target price on NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a research report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, NOV presently has an average rating of “Hold” and a consensus target price of $21.31.

NOV Price Performance

Shares of NYSE NOV opened at $20.99 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42. NOV Inc. has a one year low of $12.28 and a one year high of $21.67. The firm has a market capitalization of $7.48 billion, a P/E ratio of 80.73 and a beta of 0.92. The company’s fifty day moving average is $19.63 and its two-hundred day moving average is $19.71.

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 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 business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the firm posted $0.29 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. Analysts forecast that NOV Inc. will post 0.99 EPS for the current fiscal year.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, September 11th. NOV’s dividend payout ratio is presently 138.46%.

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.