Insider Selling: NOV (NYSE:NOV) VP Sells 70,000 Shares of Stock

NOV Inc. (NYSE:NOV) VP Craig Weinstock sold 70,000 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $20.08, for a total value of $1,405,600.00. Following the sale, the vice president owned 256,319 shares in the company, valued at $5,146,885.52. This represents a 21.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

NOV Trading Up 1.6%

Shares of NYSE:NOV traded up $0.32 during midday trading on Tuesday, hitting $20.60. 1,725,849 shares of the stock were exchanged, compared to its average volume of 4,982,083. The business’s 50-day moving average price is $17.73 and its 200 day moving average price is $15.27. The stock has a market capitalization of $7.42 billion, a price-to-earnings ratio of 54.01 and a beta of 0.93. NOV Inc. has a 12 month low of $10.84 and a 12 month high of $20.86. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.42.

NOV (NYSE:NOV) last posted its earnings results on Thursday, February 5th. The oil and gas exploration company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.23). NOV had a return on equity of 3.57% and a net margin of 1.66%.The business had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the prior year, the business earned $0.41 earnings per share. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. Analysts predict that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.36 annualized dividend and a yield of 1.7%. This is an increase from NOV’s previous quarterly dividend of $0.08. NOV’s dividend payout ratio is 94.74%.

Institutional Trading of NOV

Hedge funds have recently bought and sold shares of the business. Gateway Investment Advisers LLC lifted its stake in shares of NOV by 1,845.9% in the third quarter. Gateway Investment Advisers LLC now owns 235,081 shares of the oil and gas exploration company’s stock valued at $3,115,000 after buying an additional 223,000 shares in the last quarter. Tejara Capital Ltd lifted its position in NOV by 33.1% in the 3rd quarter. Tejara Capital Ltd now owns 670,199 shares of the oil and gas exploration company’s stock valued at $8,880,000 after acquiring an additional 166,692 shares in the last quarter. Voya Investment Management LLC boosted its stake in NOV by 239.0% during the 3rd quarter. Voya Investment Management LLC now owns 141,506 shares of the oil and gas exploration company’s stock valued at $1,875,000 after purchasing an additional 99,765 shares during the last quarter. Hsbc Holdings PLC increased its holdings in NOV by 111.3% during the 2nd quarter. Hsbc Holdings PLC now owns 476,044 shares of the oil and gas exploration company’s stock worth $6,006,000 after purchasing an additional 250,705 shares in the last quarter. Finally, Keybank National Association OH purchased a new stake in shares of NOV in the third quarter worth approximately $3,978,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group restated a “sell” rating and set a $17.00 price objective on shares of NOV in a research report on Wednesday, January 14th. Barclays upgraded shares of NOV from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $15.00 to $20.00 in a report on Wednesday, February 4th. Susquehanna reiterated a “positive” rating and set a $21.00 price objective on shares of NOV in a research report on Friday, February 6th. Stifel Nicolaus increased their price target on NOV from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $17.00 target price on shares of NOV in a research note on Tuesday, October 28th. Six investment 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $18.36.

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.