D.A. Davidson & CO. Makes New $624,000 Investment in NOV Inc. $NOV

D.A. Davidson & CO. bought a new position in shares of NOV Inc. (NYSE:NOV) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 47,063 shares of the oil and gas exploration company’s stock, valued at approximately $624,000.

A number of other large investors also recently modified their holdings of NOV. American Century Companies Inc. grew its holdings in shares of NOV by 585.8% during the second quarter. American Century Companies Inc. now owns 5,291,529 shares of the oil and gas exploration company’s stock valued at $65,774,000 after purchasing an additional 4,519,957 shares during the last quarter. First Pacific Advisors LP grew its stake in NOV by 101.0% during the 2nd quarter. First Pacific Advisors LP now owns 7,018,950 shares of the oil and gas exploration company’s stock worth $87,246,000 after buying an additional 3,526,754 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in NOV by 401.9% in 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 last quarter. First Trust Advisors LP boosted its holdings in shares of NOV by 27.2% during the second quarter. First Trust Advisors LP now owns 6,091,095 shares of the oil and gas exploration company’s stock valued at $75,712,000 after acquiring an additional 1,302,214 shares during the period. Finally, Pzena Investment Management LLC boosted its holdings in shares of NOV by 2.8% during the second quarter. Pzena Investment Management LLC now owns 42,708,890 shares of the oil and gas exploration company’s stock valued at $530,872,000 after acquiring an additional 1,144,486 shares during the period. 93.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NOV has been the subject of a number of analyst reports. TD Cowen boosted their target price on shares of NOV from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Zacks Research raised NOV from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Morgan Stanley set a $16.00 price objective on NOV in a research report on Monday, December 15th. Cowen restated a “buy” rating on shares of NOV in a research report on Wednesday, January 7th. Finally, Piper Sandler lifted their target price on NOV from $14.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, December 18th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.54.

Insider Activity

In other news, Director Christian S. Kendall acquired 70,000 shares of NOV stock in a transaction that occurred on Friday, November 21st. The stock was purchased at an average price of $14.46 per share, with a total value of $1,012,200.00. Following the completion of the transaction, the director owned 85,949 shares in the company, valued at approximately $1,242,822.54. This trade represents a 438.90% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.85% of the company’s stock.

NOV Trading Down 1.8%

NYSE:NOV opened at $17.22 on Tuesday. The stock’s 50-day moving average is $15.79 and its two-hundred day moving average is $14.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.55 and a quick ratio of 1.71. The stock has a market cap of $6.28 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 4.66 and a beta of 0.95. NOV Inc. has a fifty-two week low of $10.84 and a fifty-two week high of $17.84.

NOV (NYSE:NOV) last posted its quarterly earnings results on Tuesday, October 28th. The oil and gas exploration company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.13). NOV had a return on equity of 5.89% and a net margin of 4.36%.NOV’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 EPS. As a group, equities research analysts forecast that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were paid a $0.075 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.7%. NOV’s dividend payout ratio is 30.00%.

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.