Citigroup Inc. Has $4.74 Million Position in NOV Inc. $NOV

Citigroup Inc. boosted its stake in NOV Inc. (NYSE:NOV) by 32.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 357,529 shares of the oil and gas exploration company’s stock after buying an additional 86,854 shares during the quarter. Citigroup Inc. owned approximately 0.10% of NOV worth $4,737,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Gateway Investment Advisers LLC grew its position in NOV by 1,845.9% in the third quarter. Gateway Investment Advisers LLC now owns 235,081 shares of the oil and gas exploration company’s stock worth $3,115,000 after acquiring an additional 223,000 shares in the last quarter. Tejara Capital Ltd lifted its stake in shares of NOV by 33.1% in the 3rd quarter. Tejara Capital Ltd now owns 670,199 shares of the oil and gas exploration company’s stock valued at $8,880,000 after purchasing an additional 166,692 shares during the last quarter. Voya Investment Management LLC boosted its holdings in NOV by 239.0% in the third quarter. Voya Investment Management LLC now owns 141,506 shares of the oil and gas exploration company’s stock worth $1,875,000 after purchasing an additional 99,765 shares in the last quarter. Keybank National Association OH acquired a new position in NOV during the third quarter worth $3,978,000. Finally, Hsbc Holdings PLC raised its holdings in NOV by 111.3% during the second quarter. Hsbc Holdings PLC now owns 476,044 shares of the oil and gas exploration company’s stock valued at $6,006,000 after buying an additional 250,705 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Joseph W. Rovig sold 151,086 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Craig L. Weinstock sold 70,000 shares of NOV stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $20.08, for a total transaction of $1,405,600.00. Following the sale, the vice president owned 256,319 shares in the company, valued at approximately $5,146,885.52. This trade represents a 21.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NOV. Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a report on Monday, December 29th. Stifel Nicolaus lifted their target price on shares of NOV from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, February 6th. BMO Capital Markets upped their price target on shares of NOV from $19.00 to $20.00 and gave the company a “market perform” rating in a report on Monday, February 9th. Susquehanna reaffirmed a “positive” rating and issued a $21.00 price target on shares of NOV in a research report on Friday, February 6th. Finally, Evercore set a $19.00 price objective on NOV in a research report on Friday, February 6th. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.36.

NOV Trading Down 3.0%

Shares of NOV opened at $19.43 on Wednesday. The stock’s 50-day moving average price is $18.27 and its 200 day moving average price is $15.61. The company has a quick ratio of 1.67, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $7.00 billion, a price-to-earnings ratio of 51.13 and a beta of 0.89. NOV Inc. has a 12-month low of $10.84 and a 12-month high of $20.85.

NOV (NYSE:NOV) last announced its quarterly earnings data on Thursday, February 5th. The oil and gas exploration company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.23). The firm had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.17 billion. NOV had a return on equity of 3.57% and a net margin of 1.66%.NOV’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.41 EPS. As a group, research analysts predict that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a $0.09 dividend. This is a boost from NOV’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.36 annualized dividend and a yield of 1.9%. NOV’s payout ratio is presently 78.95%.

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.