Harbor Capital Advisors Inc. Lowers Stake in NOV Inc. $NOV

Harbor Capital Advisors Inc. lessened its stake in NOV Inc. (NYSE:NOV) by 72.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 222,953 shares of the oil and gas exploration company’s stock after selling 582,008 shares during the period. Harbor Capital Advisors Inc. owned about 0.06% of NOV worth $2,954,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Canandaigua National Trust Co of Florida lifted its stake in NOV by 114.0% during the 2nd quarter. Canandaigua National Trust Co of Florida now owns 77,394 shares of the oil and gas exploration company’s stock worth $962,000 after acquiring an additional 41,235 shares in the last quarter. Hsbc Holdings PLC increased its stake in NOV by 111.3% during the second 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 during the period. Canandaigua National Bank & Trust Co. increased its stake in NOV by 64.9% during the second quarter. Canandaigua National Bank & Trust Co. now owns 101,211 shares of the oil and gas exploration company’s stock worth $1,258,000 after purchasing an additional 39,848 shares during the period. Empowered Funds LLC boosted its stake in shares of NOV by 2,266.9% in the first quarter. Empowered Funds LLC now owns 509,555 shares of the oil and gas exploration company’s stock valued at $7,755,000 after purchasing an additional 488,027 shares during the period. Finally, Greenhaven Associates Inc. boosted its stake in shares of NOV by 21.1% in the second quarter. Greenhaven Associates Inc. now owns 4,982,516 shares of the oil and gas exploration company’s stock valued at $61,933,000 after purchasing an additional 868,359 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Stock Down 0.8%

Shares of NYSE NOV opened at $15.61 on Thursday. The business has a 50-day moving average of $15.14 and a two-hundred day moving average of $13.77. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of 15.61, a price-to-earnings-growth ratio of 5.22 and a beta of 0.97. NOV Inc. has a 1 year low of $10.84 and a 1 year high of $16.96. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.55 and a quick ratio of 1.71.

NOV (NYSE:NOV) last issued its earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.13). NOV had a return on equity of 5.89% and a net margin of 4.36%.The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the business posted $0.33 EPS. On average, analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a $0.075 dividend. The ex-dividend date was Friday, December 5th. This represents a $0.30 annualized dividend and a dividend yield of 1.9%. NOV’s dividend payout ratio is presently 30.00%.

Insider Activity

In related news, Director Christian S. Kendall bought 70,000 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were purchased at an average cost of $14.46 per share, with a total value of $1,012,200.00. Following the transaction, the director directly owned 85,949 shares of the company’s stock, valued at approximately $1,242,822.54. This represents a 438.90% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NOV. Barclays increased their target price on shares of NOV from $13.00 to $15.00 and gave the stock an “underweight” rating in a report on Wednesday, December 17th. Piper Sandler upped their price objective on NOV from $14.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, December 18th. Morgan Stanley set a $16.00 target price on NOV in a report on Monday, December 15th. Royal Bank Of Canada upped their price target on NOV from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a research note on Monday. Five equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, NOV currently has a consensus rating of “Hold” and a consensus target price of $15.83.

NOV 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.