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

Bank of New York Mellon Corp lifted its position in shares of NOV Inc. (NYSE:NOV) by 2.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 owned 0.91% of NOV worth $61,108,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of NOV. V Square Quantitative Management LLC bought a new stake in NOV during the 4th quarter valued at $28,000. Root Financial Partners LLC lifted its stake 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 valued at $36,000 after buying an additional 552 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of NOV by 659.3% during 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 buying an additional 1,978 shares during the last quarter. Rothschild Investment LLC increased its position in shares of 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 worth $37,000 after acquiring an additional 780 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in shares of NOV by 37.9% in 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 last quarter. 93.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NOV shares. Morgan Stanley set a $21.00 price target on NOV in a research note on Wednesday, July 15th. Evercore raised NOV to a “hold” rating in a research note on Wednesday, April 29th. TD Cowen upgraded NOV from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 29th. Susquehanna cut their target price on NOV from $24.00 to $22.00 and set a “positive” rating on the stock in a research report on Wednesday, July 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, NOV presently has a consensus rating of “Hold” and a consensus price target of $20.50.

NOV Price Performance

Shares of NYSE NOV opened at $20.35 on Thursday. The stock has a fifty day simple moving average of $19.75 and a two-hundred day simple moving average of $19.30. NOV Inc. has a 1-year low of $11.77 and a 1-year high of $21.55. The firm has a market cap of $7.30 billion, a price-to-earnings ratio of 84.81 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 (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 the consensus estimate of $0.17 by ($0.12). NOV had a net margin of 1.05% and a return on equity of 3.34%. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the previous year, the firm earned $0.19 earnings per share. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. Analysts anticipate that NOV Inc. will post 0.9 earnings per share for the current year.

NOV Dividend Announcement

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