Heartland Advisors Inc. Sells 682,627 Shares of NOV Inc. $NOV

Heartland Advisors Inc. reduced its position in NOV Inc. (NYSE:NOV) by 37.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,125,080 shares of the oil and gas exploration company’s stock after selling 682,627 shares during the period. Heartland Advisors Inc. owned approximately 0.31% of NOV worth $14,907,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GSA Capital Partners LLP raised its holdings in NOV by 417.4% during the third quarter. GSA Capital Partners LLP now owns 203,251 shares of the oil and gas exploration company’s stock worth $2,693,000 after buying an additional 163,965 shares during the last quarter. Fifth Third Bancorp increased its position in shares of NOV by 88.4% during the third quarter. Fifth Third Bancorp now owns 5,083 shares of the oil and gas exploration company’s stock worth $67,000 after acquiring an additional 2,385 shares in the last quarter. JPMorgan Chase & Co. lifted its position in NOV by 5.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 924,525 shares of the oil and gas exploration company’s stock valued at $12,250,000 after acquiring an additional 46,340 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in NOV by 10.8% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 171,399 shares of the oil and gas exploration company’s stock valued at $2,271,000 after purchasing an additional 16,638 shares during the last quarter. Finally, Abich Financial Wealth Management LLC purchased a new stake in shares of NOV in the third quarter worth approximately $115,000. Institutional investors own 93.27% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on NOV shares. Piper Sandler lifted their target price on NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Evercore ISI set a $19.00 price objective on shares of NOV in a report on Friday, February 6th. Argus upgraded shares of NOV to a “hold” rating in a report on Tuesday, February 10th. Susquehanna reissued a “positive” rating and set a $21.00 price target on shares of NOV in a research report on Friday, February 6th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $17.00 price objective on shares of NOV in a research report on Wednesday, January 14th. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.40.

Insiders Place Their Bets

In other NOV news, Director Christian S. Kendall bought 70,000 shares of the business’s stock in a transaction on Friday, November 21st. The stock was purchased at an average price of $14.46 per share, for a total transaction of $1,012,200.00. Following the completion of the transaction, the director directly owned 85,949 shares of the company’s stock, valued at $1,242,822.54. This trade represents a 438.90% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.85% of the stock is owned by corporate insiders.

NOV Trading Up 1.1%

Shares of NOV stock opened at $19.21 on Tuesday. The company has a quick ratio of 1.67, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The firm has a market cap of $6.92 billion, a P/E ratio of 50.55 and a beta of 0.93. The company has a 50 day moving average of $17.37 and a 200-day moving average of $14.99. NOV Inc. has a 12-month low of $10.84 and a 12-month high of $19.60.

NOV (NYSE:NOV) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.23). NOV had a net margin of 1.66% and a return on equity of 3.57%. The firm had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same period last year, the company posted $0.41 earnings per share. NOV’s revenue for the quarter was down 1.3% on a year-over-year basis. Sell-side analysts anticipate that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, December 5th. NOV’s payout ratio is currently 78.95%.

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.