NOV Inc. $NOV Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC reduced its position in shares of NOV Inc. (NYSE:NOV) by 7.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 619,167 shares of the oil and gas exploration company’s stock after selling 49,947 shares during the period. Wedge Capital Management L L P NC’s holdings in NOV were worth $11,486,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in shares of NOV by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 19,404,319 shares of the oil and gas exploration company’s stock valued at $364,987,000 after buying an additional 431,684 shares during the period. First Trust Advisors LP boosted its holdings in NOV by 2.3% during the 1st quarter. First Trust Advisors LP now owns 7,192,735 shares of the oil and gas exploration company’s stock valued at $135,295,000 after acquiring an additional 158,788 shares during the period. Bank of America Corp DE grew its position in NOV by 14.8% in the 3rd quarter. Bank of America Corp DE now owns 5,346,302 shares of the oil and gas exploration company’s stock valued at $70,839,000 after acquiring an additional 689,427 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in NOV by 1,743.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company’s stock valued at $79,080,000 after acquiring an additional 4,785,015 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in NOV by 29.1% during the fourth quarter. AQR Capital Management LLC now owns 4,668,127 shares of the oil and gas exploration company’s stock worth $72,963,000 after purchasing an additional 1,053,354 shares during the period. 93.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NOV has been the subject of several recent research reports. Zacks Research raised shares of NOV from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 28th. Capital One Financial raised shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price on the stock in a research note on Thursday, June 4th. Stifel Nicolaus increased their target price on shares of NOV from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Susquehanna raised 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, July 30th. Finally, Barclays dropped their price target on shares of NOV from $21.00 to $20.00 and set an “underweight” rating for the company in a research note on Friday, July 31st. One research 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $21.31.

NOV Stock Performance

Shares of NOV opened at $20.91 on Thursday. The stock has a 50-day simple moving average of $19.56 and a 200-day simple moving average of $19.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42. The stock has a market capitalization of $7.45 billion, a PE ratio of 80.42 and a beta of 0.92. NOV Inc. has a 1 year low of $12.02 and a 1 year high of $21.55.

NOV (NYSE:NOV) last announced its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates 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 company posted $0.29 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, analysts predict that NOV Inc. will post 0.94 earnings per share for the current fiscal 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 issued a dividend of $0.09 per share. This represents a yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV’s payout ratio is 138.46%.

Insider Activity at NOV

In other NOV news, Director David D. Harrison sold 9,594 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the sale, the director directly owned 126,763 shares of the company’s stock, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.15% of the company’s stock.

About NOV

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.