Pzena Investment Management LLC Trims Stock Position in NOV Inc. $NOV

Pzena Investment Management LLC trimmed its holdings in NOV Inc. (NYSE:NOV) by 0.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 42,389,833 shares of the oil and gas exploration company’s stock after selling 319,057 shares during the period. NOV makes up about 1.8% of Pzena Investment Management LLC’s holdings, making the stock its 21st largest holding. Pzena Investment Management LLC owned approximately 11.62% of NOV worth $561,665,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CoreFirst Bank & Trust acquired a new stake in shares of NOV during the 2nd quarter worth about $35,000. UMB Bank n.a. lifted its position in NOV by 114.1% in the third quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company’s stock valued at $41,000 after buying an additional 1,657 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in NOV by 395.3% during the second quarter. Hantz Financial Services Inc. now owns 3,660 shares of the oil and gas exploration company’s stock worth $45,000 after buying an additional 2,921 shares during the period. 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 valued at $67,000 after acquiring an additional 2,385 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of NOV in the 2nd quarter worth approximately $80,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on NOV shares. Citigroup boosted their target price on NOV from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. TD Cowen reaffirmed a “buy” rating on shares of NOV in a research note on Friday, February 6th. Morgan Stanley set a $16.00 target price on NOV in a research note on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NOV in a research report on Monday, December 29th. Finally, Piper Sandler increased their price target on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, NOV currently has an average rating of “Hold” and a consensus price target of $18.36.

Insider Activity at NOV

In other news, Director Christian S. Kendall acquired 70,000 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was acquired at an average cost of $14.46 per share, with a total value of $1,012,200.00. Following the transaction, the director owned 85,949 shares in the company, valued at approximately $1,242,822.54. This trade represents a 438.90% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.08% of the company’s stock.

NOV Price Performance

NOV stock opened at $20.01 on Thursday. The business’s 50-day moving average is $17.50 and its two-hundred day moving average is $15.08. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.67. The firm has a market capitalization of $7.21 billion, a P/E ratio of 52.65 and a beta of 0.93. NOV Inc. has a 1 year low of $10.84 and a 1 year high of $20.11.

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

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.