2,952,393 Shares in NOV Inc. $NOV Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp bought a new position in shares of NOV Inc. (NYSE:NOV) during the second quarter, HoldingsChannel reports. The institutional investor bought 2,952,393 shares of the oil and gas exploration company’s stock, valued at approximately $54,767,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its stake in NOV by 20.4% during the first quarter. California State Teachers Retirement System now owns 422,834 shares of the oil and gas exploration company’s stock valued at $7,954,000 after purchasing an additional 71,754 shares during the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of NOV by 203.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 85,897 shares of the oil and gas exploration company’s stock valued at $1,343,000 after purchasing an additional 57,634 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of NOV in the 1st quarter worth $2,331,000. Bank of America Corp DE raised its holdings in shares of NOV by 17.0% during the first quarter. Bank of America Corp DE now owns 4,575,450 shares of the oil and gas exploration company’s stock valued at $86,064,000 after acquiring an additional 664,969 shares during the period. Finally, Oppenheimer Asset Management Inc. purchased a new stake in NOV in the 2nd quarter worth about $2,869,000. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Stock Performance

NYSE:NOV opened at $20.26 on Thursday. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27. NOV Inc. has a 1-year low of $12.28 and a 1-year high of $21.67. The stock’s 50-day moving average is $19.54 and its 200-day moving average is $19.69. The stock has a market cap of $7.22 billion, a P/E ratio of 77.92 and a beta of 0.92.

NOV (NYSE:NOV) last released 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 firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 earnings per share. Equities research analysts anticipate that NOV Inc. will post 0.99 earnings per share for the current year.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, September 11th. NOV’s dividend payout ratio (DPR) is 138.46%.

Insider Activity at NOV

In related news, Director David D. Harrison sold 9,594 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $19.21, for a total value of $184,300.74. Following the sale, the director directly owned 126,763 shares in the company, valued at $2,435,117.23. This represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on NOV. Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a research report on Wednesday, June 24th. Capital One Financial raised NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price for the company in a research note on Thursday, June 4th. Royal Bank Of Canada increased their target price on shares of NOV from $21.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 29th. Morgan Stanley set a $21.00 target price on shares of NOV in a research note on Wednesday, July 15th. Finally, Evercore raised shares of NOV to a “hold” rating in a research note on Wednesday, April 29th. One investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $21.31.

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.