Bank of America Corp DE Acquires 664,969 Shares of NOV Inc. $NOV

Bank of America Corp DE raised its holdings in NOV Inc. (NYSE:NOV) by 17.0% during the first quarter, HoldingsChannel reports. The firm owned 4,575,450 shares of the oil and gas exploration company’s stock after acquiring an additional 664,969 shares during the quarter. Bank of America Corp DE’s holdings in NOV were worth $86,064,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Fifth Third Wealth Advisors LLC lifted its position in shares of NOV by 4.5% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 12,484 shares of the oil and gas exploration company’s stock worth $235,000 after buying an additional 541 shares during the last quarter. Altshuler Shaham Ltd grew its position in NOV by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock valued at $38,000 after acquiring an additional 546 shares during the last quarter. Root Financial Partners LLC raised its stake in NOV by 39.9% during the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock worth $36,000 after acquiring an additional 552 shares in the last quarter. State of Michigan Retirement System lifted its holdings in shares of NOV by 0.7% in the first quarter. State of Michigan Retirement System now owns 86,777 shares of the oil and gas exploration company’s stock worth $1,632,000 after acquiring an additional 600 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of NOV by 9.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 7,384 shares of the oil and gas exploration company’s stock valued at $115,000 after purchasing an additional 611 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Buying and Selling at NOV

In other news, Director David D. Harrison sold 9,594 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the sale, the director owned 126,763 shares of the company’s stock, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.15% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Evercore raised shares of NOV to a “hold” rating in a report on Wednesday, April 29th. Royal Bank Of Canada raised their target price on shares of NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a research 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. Capital One Financial upgraded shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price target for the company in a report on Thursday, June 4th. Finally, Citigroup increased their price target on NOV from $20.00 to $22.00 and gave the company a “neutral” rating in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.31.

NOV Price Performance

Shares of NYSE:NOV opened at $19.62 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42. NOV Inc. has a 52 week low of $11.77 and a 52 week high of $21.55. The firm has a market cap of $7.00 billion, a PE ratio of 75.48 and a beta of 0.92. The firm’s fifty day moving average is $19.53 and its 200-day moving average is $19.49.

NOV (NYSE:NOV) last posted its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14. The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. NOV had a return on equity of 3.44% and a net margin of 1.10%.NOV’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 earnings per share. Sell-side analysts predict that NOV Inc. will post 0.94 earnings per share for the current year.

NOV Announces Dividend

The business also recently declared a special dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 12th were given a $0.09 dividend. This represents a dividend yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV’s payout ratio is 138.46%.

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.