254,796 Shares in NOV Inc. $NOV Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company purchased a new stake in NOV Inc. (NYSE:NOV) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 254,796 shares of the oil and gas exploration company’s stock, valued at approximately $4,726,000. The Manufacturers Life Insurance Company owned approximately 0.07% of NOV at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of NOV during the 2nd quarter valued at about $697,976,000. Pzena Investment Management LLC bought a new position in shares of NOV in the 2nd quarter worth approximately $674,776,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of NOV by 1,743.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company’s stock worth $79,080,000 after buying an additional 4,785,015 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of NOV in the second quarter worth approximately $54,767,000. Finally, Ameriprise Financial Inc. grew its position in NOV by 401.9% during the second quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company’s stock valued at $39,347,000 after buying an additional 2,534,815 shares during the period. 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 NOV stock in a transaction on 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 sale, the director directly owned 126,763 shares in the company, valued at approximately $2,435,117.23. This trade represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.15% of the company’s stock.

Analyst Ratings Changes

NOV has been the subject of several analyst reports. TD Cowen upped their price objective on NOV from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Morgan Stanley set a $21.00 target price on NOV in a research report on Wednesday, July 15th. The Goldman Sachs Group set a $19.00 price target on NOV in a research report on Wednesday, June 3rd. Citigroup raised their price objective on NOV from $20.00 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. Finally, Susquehanna lifted their price objective on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research report on Thursday, July 30th. Five 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 company. According to data from MarketBeat, NOV presently has a consensus rating of “Hold” and an average target price of $21.31.

NOV Trading Up 1.2%

Shares of NOV stock opened at $21.24 on Tuesday. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $7.57 billion, a price-to-earnings ratio of 81.69 and a beta of 0.92. NOV Inc. has a 12-month low of $12.28 and a 12-month high of $21.68. The stock’s 50-day moving average price is $19.68 and its 200-day moving average price is $19.74.

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

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a $0.09 dividend. The ex-dividend date is Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a yield of 1.7%. NOV’s dividend payout ratio (DPR) is presently 138.46%.

NOV Company 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.