Key Points
- NOV Director David Harrison sold 9,594 shares for approximately $184,301, reducing his direct ownership by 7.04% to 126,763 shares.
- NOV’s second-quarter results exceeded expectations, with EPS of $0.31 versus the $0.17 consensus and revenue of $2.13 billion versus estimates of $2.08 billion, despite a 2.5% year-over-year revenue decline.
- Investor sentiment remains mixed: analysts’ consensus rating is “Hold” with a $21.31 target price, while Barclays cut its target to $20 and cited limited upside amid difficult oilfield-equipment market conditions.
NOV Inc. (NYSE:NOV - Get Free Report) Director David Harrison sold 9,594 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $19.21, for a total transaction of $184,300.74. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through this link.
NOV Stock Performance
Shares of NOV stock opened at $19.42 on Friday. The stock's 50-day moving average is $19.61 and its two-hundred day moving average is $19.42. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.42. NOV Inc. has a 1 year low of $11.77 and a 1 year high of $21.55. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of 74.68 and a beta of 0.91.
NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%.The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. During the same period in the previous year, the business earned $0.29 EPS. The business's quarterly revenue was down 2.5% on a year-over-year basis. Analysts predict that NOV Inc. will post 0.92 earnings per share for the current year.
NOV Dividend Announcement
The company also recently declared a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a yield of 170.0%. NOV's payout ratio is 138.46%.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the stock. Crossmark Global Holdings Inc. lifted its holdings in shares of NOV by 203.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 85,897 shares of the oil and gas exploration company's stock worth $1,343,000 after purchasing an additional 57,634 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in NOV during the 1st quarter worth $2,331,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of NOV by 99.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 65,626 shares of the oil and gas exploration company's stock worth $1,109,000 after acquiring an additional 32,675 shares during the period. SG Americas Securities LLC lifted its stake in shares of NOV by 749.2% in the 1st quarter. SG Americas Securities LLC now owns 360,729 shares of the oil and gas exploration company's stock worth $6,785,000 after acquiring an additional 318,248 shares during the period. Finally, Fiduciary Alliance LLC boosted its holdings in shares of NOV by 183.9% in the fourth quarter. Fiduciary Alliance LLC now owns 218,486 shares of the oil and gas exploration company's stock valued at $3,415,000 after acquiring an additional 141,525 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company's stock.
Key Headlines Impacting NOV
Here are the key news stories impacting NOV this week:
- Positive Sentiment: NOV’s second-quarter results exceeded expectations, with EPS of $0.31 versus the $0.17 consensus and revenue of approximately $2.13 billion versus estimates of $2.08 billion. Strength in the Energy Equipment segment, record profitability and constructive third-quarter guidance helped offset the year-over-year revenue decline. NOV Q2 Earnings Surpass Estimates, Revenues Decrease Year Over Year
- Positive Sentiment: Zacks Research upgraded NOV from “hold” to “strong-buy,” adding a bullish signal after the earnings report. Zacks Research Upgrade
- Neutral Sentiment: Analyst targets remain above the current trading level, with a six-month median target of $21.00 and several recent targets at $22.00-$23.00. However, the range includes a $20.00 target, indicating limited consensus on near-term upside.
- Neutral Sentiment: Institutional activity was mixed: 252 investors added NOV shares in the latest quarter, while 155 reduced positions. Several large funds made substantial cuts, partially offset by additions from Jupiter Asset Management and T. Rowe Price.
- Negative Sentiment: Director David D. Harrison sold 9,594 shares worth about $184,300. The sale adds to a broader pattern of six insider sales and no purchases over the past six months, which may weigh on investor confidence. Insider Sale at NOV
- Negative Sentiment: Barclays lowered its price target from $21 to $20 and maintained an “underweight” rating, citing restrained upside potential. Barclays Lowers NOV Price Target
- Negative Sentiment: Industry conditions remain difficult as softer oilfield-equipment demand and conservative upstream capital spending create headwinds for NOV and its peers. Oilfield Equipment Industry Outlook
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on NOV shares. Stifel Nicolaus raised their target price on shares of NOV from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Susquehanna upped their price target on shares of NOV from $22.00 to $24.00 and gave the company a "positive" rating in a research report on Thursday. Royal Bank Of Canada increased their price target on shares of NOV from $21.00 to $22.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 29th. Morgan Stanley set a $21.00 price objective on shares of NOV in a research report on Wednesday, July 15th. Finally, Capital One Financial upgraded shares of NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 price objective on the stock in a research note on Thursday, June 4th. One 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $21.31.
Get Our Latest Research Report on NOV
NOV Company Profile
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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.
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