334,302 NOV Inc. $NOV Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC reduced its position in NOV Inc. (NYSE:NOV) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,041,785 shares of the oil and gas exploration company’s stock after selling 334,302 shares during the quarter. NOV makes up approximately 2.0% of Pzena Investment Management LLC’s portfolio, making the stock its 21st biggest position. Pzena Investment Management LLC owned 0.10% of NOV worth $675,063,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd grew its stake 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. Root Financial Partners LLC lifted its stake in shares of NOV by 39.9% in 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 acquiring an additional 552 shares during the period. State of Michigan Retirement System increased its position in NOV by 0.7% during the 1st quarter. State of Michigan Retirement System now owns 86,777 shares of the oil and gas exploration company’s stock worth $1,632,000 after purchasing an additional 600 shares during the period. Corient Private Wealth LP grew its holdings in NOV by 6.3% during the second quarter. Corient Private Wealth LP now owns 10,643 shares of the oil and gas exploration company’s stock worth $197,000 after acquiring an additional 628 shares during the period. Finally, Parkside Financial Bank & Trust raised its position in NOV by 133.6% in the second quarter. Parkside Financial Bank & Trust now owns 1,411 shares of the oil and gas exploration company’s stock worth $26,000 after acquiring an additional 807 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on NOV. Weiss Ratings restated a “hold (c)” rating on shares of NOV in a research report on Monday, September 21st. TD Cowen increased their price target on shares of NOV from $25.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Zacks Research cut shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 26th. Morgan Stanley set a $21.00 target price on NOV in a research report on Wednesday, July 15th. Finally, Citigroup lowered their price target on shares of NOV from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 30th. Four investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $21.67.

Key Stories Impacting NOV

Here are the key news stories impacting NOV this week:

• Neutral Sentiment: An analysis noted improved profitability but said cash flow still needs to recover, tempering the earnings progress. NOV: Better Profitability, But Cash Flow Still Needs To Recover
• Negative Sentiment: A newer analysis highlighted high working-capital costs alongside weak growth expectations, factors that may weigh on cash generation and limit the investment case. NOV Inc.: High Working Capital Costs Amid Poor Growth Expectations

NOV Stock Down 2.4%

NYSE NOV opened at $18.04 on Thursday. The company has a quick ratio of 1.66, a current ratio of 2.51 and a debt-to-equity ratio of 0.27. NOV Inc. has a fifty-two week low of $14.30 and a fifty-two week high of $21.93. The business has a 50 day moving average price of $19.83 and a two-hundred day moving average price of $19.65. The stock has a market cap of $6.43 billion, a PE ratio of 45.11 and a beta of 0.96.

NOV (NYSE:NOV) last issued its quarterly earnings results on Tuesday, October 27th. The oil and gas exploration company reported $0.25 EPS for the quarter, meeting analysts’ consensus estimates of $0.25. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.20 billion. NOV had a return on equity of 4.23% and a net margin of 1.65%. NOV’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.11 earnings per share. As a group, sell-side analysts predict that NOV Inc. will post 1.01 EPS for the current fiscal year.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were paid a dividend of $0.09 per share. The ex-dividend date was Friday, September 11th. This represents a $0.36 annualized dividend and a yield of 2.0%. NOV’s dividend payout ratio is 90.00%.

NOV Profile

NOV Inc (NYSE: NOV) is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.