Bank of New York Mellon Corp Buys 86,733 Shares of NOV Inc. $NOV

Bank of New York Mellon Corp lifted its stake in shares of NOV Inc. (NYSE:NOV) by 2.7% during the first quarter, HoldingsChannel.com reports. The firm owned 3,248,697 shares of the oil and gas exploration company’s stock after purchasing an additional 86,733 shares during the quarter. Bank of New York Mellon Corp’s holdings in NOV were worth $61,108,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in NOV during the 4th quarter valued at about $28,000. Root Financial Partners LLC lifted its holdings in shares of NOV by 39.9% in the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock worth $36,000 after buying an additional 552 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of NOV by 659.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock valued at $36,000 after acquiring an additional 1,978 shares during the period. Rothschild Investment LLC grew its stake in NOV by 50.1% during the fourth quarter. Rothschild Investment LLC now owns 2,337 shares of the oil and gas exploration company’s stock valued at $37,000 after acquiring an additional 780 shares in the last quarter. Finally, Allworth Financial LP increased its holdings in NOV by 37.9% during the 4th quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company’s stock worth $40,000 after acquiring an additional 709 shares during the period. Institutional investors own 93.27% of the company’s stock.

NOV Stock Up 0.8%

Shares of NOV opened at $20.35 on Thursday. NOV Inc. has a 1 year low of $11.77 and a 1 year high of $21.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.47 and a quick ratio of 1.66. The stock has a 50 day simple moving average of $19.75 and a two-hundred day simple moving average of $19.30. The firm has a market cap of $7.30 billion, a P/E ratio of 84.81 and a beta of 0.91.

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

NOV Announces Dividend

The firm also recently announced a special dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a $0.09 dividend. This represents a yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV’s dividend payout ratio (DPR) is presently 150.00%.

Analysts Set New Price Targets

Several analysts have issued reports on NOV shares. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a research note on Wednesday, June 24th. Capital One Financial raised shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price target on the stock in a report on Thursday, June 4th. Morgan Stanley set a $21.00 price objective on NOV in a research report on Wednesday, July 15th. Barclays reissued an “underweight” rating and set a $21.00 price objective (up from $20.00) on shares of NOV in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada lifted their price target on NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $20.50.

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.