Gabelli Funds LLC Sells 38,720 Shares of NOV Inc. $NOV

Gabelli Funds LLC lessened its holdings in NOV Inc. (NYSE:NOV) by 31.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 84,905 shares of the oil and gas exploration company’s stock after selling 38,720 shares during the period. Gabelli Funds LLC’s holdings in NOV were worth $1,327,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. V Square Quantitative Management LLC purchased a new position in NOV during the fourth quarter worth $28,000. Allworth Financial LP raised its stake in shares of NOV by 37.9% in the fourth quarter. Allworth Financial LP now owns 2,578 shares of the oil and gas exploration company’s stock valued at $40,000 after acquiring an additional 709 shares during the period. UMB Bank n.a. lifted its holdings in shares of NOV by 114.1% in the 3rd quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company’s stock worth $41,000 after acquiring an additional 1,657 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of NOV by 88.4% in the 3rd quarter. Fifth Third Bancorp now owns 5,083 shares of the oil and gas exploration company’s stock worth $67,000 after acquiring an additional 2,385 shares during the last quarter. Finally, Exchange Traded Concepts LLC bought a new stake in shares of NOV in the 4th quarter worth about $68,000. Institutional investors own 93.27% of the company’s stock.

Insider Transactions at NOV

In related news, VP Craig L. Weinstock sold 70,000 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $20.08, for a total value of $1,405,600.00. Following the completion of the sale, the vice president directly owned 256,319 shares of the company’s stock, valued at $5,146,885.52. This represents a 21.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph W. Rovig sold 151,086 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the completion of the sale, the insider directly owned 269,694 shares of the company’s stock, valued at approximately $5,439,727.98. This trade represents a 35.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NOV has been the subject of several analyst reports. Susquehanna raised their target price on shares of NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a report on Wednesday, April 29th. Evercore upgraded shares of NOV to a “hold” rating in a report on Wednesday, April 29th. Weiss Ratings restated a “hold (c)” rating on shares of NOV in a report on Friday, March 27th. Piper Sandler raised their target price on shares of NOV from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Finally, TD Cowen upgraded shares of NOV from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, NOV presently has an average rating of “Hold” and a consensus price target of $19.36.

NOV Trading Down 0.2%

NYSE NOV opened at $20.81 on Friday. The company’s 50-day moving average price is $19.62 and its 200-day moving average price is $18.07. 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 stock has a market cap of $7.47 billion, a PE ratio of 86.71 and a beta of 0.92. NOV Inc. has a 12 month low of $11.65 and a 12 month high of $21.38.

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 analysts’ consensus estimates of $0.17 by ($0.12). The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.05 billion. NOV had a return on equity of 3.34% and a net margin of 1.05%.The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.19 earnings per share. Equities research analysts forecast that NOV Inc. will post 0.91 earnings per share for the current year.

NOV Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Friday, June 12th. This represents a yield of 173.0%. NOV’s dividend payout ratio is 150.00%.

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.