Hsbc Holdings PLC Sells 367,225 Shares of NOV Inc. $NOV

Hsbc Holdings PLC reduced its stake in NOV Inc. (NYSE:NOV) by 69.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 161,040 shares of the oil and gas exploration company’s stock after selling 367,225 shares during the quarter. Hsbc Holdings PLC’s holdings in NOV were worth $2,520,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Invesco Ltd. raised its position in NOV by 3.0% in the fourth quarter. Invesco Ltd. now owns 2,088,655 shares of the oil and gas exploration company’s stock worth $32,646,000 after acquiring an additional 60,148 shares during the period. Mercer Global Advisors Inc. ADV grew its position in shares of NOV by 64.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 47,164 shares of the oil and gas exploration company’s stock valued at $737,000 after acquiring an additional 18,404 shares during the period. XTX Topco Ltd bought a new position in shares of NOV during the 4th quarter valued at approximately $3,173,000. Numerai GP LLC increased its stake in shares of NOV by 30.7% during the 4th quarter. Numerai GP LLC now owns 15,366 shares of the oil and gas exploration company’s stock worth $240,000 after purchasing an additional 3,607 shares during the last quarter. Finally, Old West Investment Management LLC bought a new stake in shares of NOV in the 4th quarter worth approximately $865,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Stock Up 2.5%

NOV opened at $18.90 on Friday. NOV Inc. has a 12 month low of $11.77 and a 12 month high of $21.55. The company has a market cap of $6.78 billion, a PE ratio of 78.75 and a beta of 0.91. The company has a current ratio of 2.47, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average of $19.81 and a 200 day moving average of $19.05.

NOV (NYSE:NOV) last issued its earnings results on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.05 billion. NOV had a net margin of 1.05% and a return on equity of 3.34%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.19 EPS. On average, sell-side analysts expect that NOV Inc. will post 0.9 EPS for the current year.

NOV Dividend Announcement

The business also recently disclosed a special dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a dividend of $0.09 per share. This represents a dividend yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV’s payout ratio is presently 150.00%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. The Goldman Sachs Group set a $19.00 price objective on NOV in a research note on Wednesday, June 3rd. Stifel Nicolaus boosted their target price on NOV from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NOV in a research report on Wednesday, June 24th. Morgan Stanley increased their price target on NOV from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Finally, Capital One Financial raised NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price objective for the company in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, NOV presently has an average rating of “Hold” and an average target price of $20.43.

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.