Empowered Funds LLC Takes $1.06 Million Position in NOV Inc. (NYSE:NOV)

Empowered Funds LLC bought a new stake in NOV Inc. (NYSE:NOVGet Rating) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 65,554 shares of the oil and gas exploration company’s stock, valued at approximately $1,061,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in shares of NOV by 16.6% in the first quarter. JPMorgan Chase & Co. now owns 762,999 shares of the oil and gas exploration company’s stock valued at $14,961,000 after purchasing an additional 108,845 shares during the period. Raymond James & Associates lifted its stake in shares of NOV by 15.4% in the first quarter. Raymond James & Associates now owns 175,860 shares of the oil and gas exploration company’s stock valued at $3,449,000 after purchasing an additional 23,430 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in shares of NOV by 8.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 13,935 shares of the oil and gas exploration company’s stock valued at $273,000 after purchasing an additional 1,079 shares during the period. US Bancorp DE lifted its stake in shares of NOV by 2.0% in the first quarter. US Bancorp DE now owns 39,557 shares of the oil and gas exploration company’s stock valued at $777,000 after purchasing an additional 788 shares during the period. Finally, HighTower Advisors LLC lifted its stake in shares of NOV by 7.8% in the first quarter. HighTower Advisors LLC now owns 40,976 shares of the oil and gas exploration company’s stock valued at $801,000 after purchasing an additional 2,962 shares during the period. Hedge funds and other institutional investors own 94.18% of the company’s stock.

Analysts Set New Price Targets

NOV has been the subject of several recent analyst reports. Wells Fargo & Company upgraded shares of NOV from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $16.00 to $25.00 in a research note on Monday, November 7th. Bank of America upgraded shares of NOV from a “neutral” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Friday, September 30th. Redburn Partners restated an “equal weight” rating and set a $25.00 target price on shares of NOV in a research report on Monday, November 7th. Morgan Stanley upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $21.00 to $24.00 in a research report on Wednesday, January 4th. Finally, Citigroup upgraded shares of NOV from a “neutral” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Wednesday, October 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, NOV currently has a consensus rating of “Hold” and a consensus target price of $23.67.

NOV Price Performance

NOV stock opened at $23.40 on Wednesday. NOV Inc. has a 1 year low of $13.98 and a 1 year high of $24.25. The firm has a 50 day moving average price of $21.58 and a 200 day moving average price of $19.41. The company has a market cap of $9.19 billion, a price-to-earnings ratio of 780.26 and a beta of 1.84. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.52 and a current ratio of 2.30.

NOV (NYSE:NOVGet Rating) last released its earnings results on Thursday, October 27th. The oil and gas exploration company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.07). NOV had a net margin of 0.16% and a return on equity of 0.54%. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.81 billion. Sell-side analysts predict that NOV Inc. will post 0.43 earnings per share for the current year.

NOV Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 23rd. Shareholders of record on Friday, December 9th were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, December 8th. This represents a $0.20 annualized dividend and a yield of 0.85%. NOV’s dividend payout ratio is currently 666.89%.

Insiders Place Their Bets

In other NOV news, CAO Christy Lynn Novak sold 4,575 shares of the business’s stock in a transaction that occurred on Friday, November 4th. The shares were sold at an average price of $23.17, for a total transaction of $106,002.75. Following the completion of the sale, the chief accounting officer now directly owns 64,086 shares in the company, valued at $1,484,872.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other NOV news, CAO Christy Lynn Novak sold 4,575 shares of the business’s stock in a transaction that occurred on Friday, November 4th. The shares were sold at an average price of $23.17, for a total transaction of $106,002.75. Following the completion of the sale, the chief accounting officer now directly owns 64,086 shares in the company, valued at $1,484,872.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Isaac H. Joseph sold 2,500 shares of the business’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $22.77, for a total transaction of $56,925.00. Following the transaction, the insider now directly owns 190,611 shares in the company, valued at $4,340,212.47. The disclosure for this sale can be found here. 1.59% of the stock is owned by insiders.

NOV Company Profile

(Get Rating)

NOV, Inc provides equipment and technology to the upstream oil and gas industry. It operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment monitors its capital equipment backlog to plan its business. The Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations and offers services that optimize their performance.

See Also

Institutional Ownership by Quarter for NOV (NYSE:NOV)

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