Van ECK Associates Corp Sells 509,581 Shares of NOV Inc. $NOV

Van ECK Associates Corp lowered its holdings in NOV Inc. (NYSE:NOV) by 10.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,393,205 shares of the oil and gas exploration company’s stock after selling 509,581 shares during the quarter. Van ECK Associates Corp’s holdings in NOV were worth $81,494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System lifted its stake in NOV by 20.4% during the 1st quarter. California State Teachers Retirement System now owns 422,834 shares of the oil and gas exploration company’s stock valued at $7,954,000 after acquiring an additional 71,754 shares during the period. Wealthfront Advisers LLC bought a new stake in shares of NOV in the second quarter worth approximately $1,281,000. Crossmark Global Holdings Inc. raised its holdings in shares of NOV by 203.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 85,897 shares of the oil and gas exploration company’s stock valued at $1,343,000 after purchasing an additional 57,634 shares during the last quarter. Energy Income Partners LLC purchased a new position in shares of NOV during the second quarter valued at approximately $4,344,000. Finally, Bank of America Corp DE lifted its position in NOV by 17.0% during the first quarter. Bank of America Corp DE now owns 4,575,450 shares of the oil and gas exploration company’s stock valued at $86,064,000 after purchasing an additional 664,969 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Stock Performance

NYSE NOV opened at $20.99 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. NOV Inc. has a twelve month low of $12.28 and a twelve month high of $21.67. The business has a 50-day moving average price of $19.63 and a 200-day moving average price of $19.71. The firm has a market cap of $7.48 billion, a price-to-earnings ratio of 80.73 and a beta of 0.92.

NOV (NYSE:NOV) last issued its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%.The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same quarter last year, the company earned $0.29 EPS. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts predict that NOV Inc. will post 0.99 EPS for the current fiscal year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, September 11th. NOV’s payout ratio is 138.46%.

Insider Buying and Selling at NOV

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

Analyst Ratings Changes

A number of research firms have commented on NOV. Zacks Research downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Susquehanna raised their price target on NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NOV in a report on Wednesday, June 24th. TD Cowen increased their target price on NOV from $25.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Capital One Financial raised NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 target price on the stock in a research report on Thursday, June 4th. Five 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $21.31.

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.