Fifth Third Bancorp Has $2.73 Million Stock Position in NOV Inc. $NOV

Fifth Third Bancorp lifted its position in NOV Inc. (NYSE:NOV) by 2,704.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,170 shares of the oil and gas exploration company’s stock after purchasing an additional 139,994 shares during the quarter. Fifth Third Bancorp’s holdings in NOV were worth $2,731,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in shares of NOV by 15.6% in the 1st quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company’s stock valued at $756,000 after purchasing an additional 6,711 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in NOV by 35.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company’s stock valued at $2,465,000 after purchasing an additional 42,462 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in NOV by 17.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company’s stock valued at $16,168,000 after buying an additional 157,385 shares in the last quarter. Focus Partners Wealth bought a new stake in NOV during the first quarter worth about $214,000. Finally, Cetera Investment Advisers acquired a new stake in shares of NOV during the second quarter worth approximately $190,000. 93.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NOV has been the topic of a number of research analyst reports. Royal Bank Of Canada increased their price target on NOV from $21.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. The Goldman Sachs Group set a $19.00 price objective on NOV in a research report on Wednesday, June 3rd. Evercore raised NOV to a “hold” rating in a research note on Wednesday, April 29th. Barclays restated an “underweight” rating and issued a $21.00 target price (up from $20.00) on shares of NOV in a research note on Thursday, May 7th. Finally, Stifel Nicolaus upped their price target on shares of NOV from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.50.

NOV Stock Performance

NOV stock opened at $19.57 on Tuesday. The company has a market cap of $7.02 billion, a PE ratio of 81.56 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. NOV Inc. has a 1 year low of $11.77 and a 1 year high of $21.55. The company’s 50-day moving average is $19.76 and its two-hundred day moving average is $19.23.

NOV (NYSE:NOV) last issued its 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). 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 business’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 EPS. Equities analysts anticipate that NOV Inc. will post 0.9 earnings per share for the current year.

NOV Announces Dividend

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

About NOV

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.