Hotchkis & Wiley Capital Management LLC Buys 6,963,660 Shares of NOV Inc. (NYSE:NOV)

Hotchkis & Wiley Capital Management LLC grew its position in NOV Inc. (NYSE:NOV) by 23.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,153,173 shares of the oil and gas exploration company’s stock after purchasing an additional 6,963,660 shares during the period. NOV comprises approximately 2.0% of Hotchkis & Wiley Capital Management LLC’s holdings, making the stock its 11th biggest holding. Hotchkis & Wiley Capital Management LLC owned about 0.10% of NOV worth $593,336,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Rothschild Investment LLC acquired a new position in shares of NOV in the 2nd quarter worth approximately $28,000. American National Bank & Trust acquired a new stake in shares of NOV in the third quarter valued at $39,000. International Assets Investment Management LLC raised its holdings in shares of NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after buying an additional 2,735 shares during the last quarter. Brooklyn Investment Group acquired a new position in NOV during the 3rd quarter worth about $48,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in NOV during the 2nd quarter worth about $78,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Wall Street Analyst Weigh In

NOV has been the subject of a number of research analyst reports. Barclays dropped their target price on shares of NOV from $17.00 to $16.00 and set an “underweight” rating for the company in a research note on Tuesday, October 29th. Wells Fargo & Company reduced their price objective on NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a report on Monday, November 4th. BMO Capital Markets dropped their target price on NOV from $22.00 to $20.00 and set a “market perform” rating for the company in a research report on Thursday, October 10th. JPMorgan Chase & Co. lowered their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Finally, Bank of America dropped their price objective on NOV from $22.00 to $20.00 and set a “buy” rating for the company in a report on Monday, October 14th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $21.64.

NOV Trading Up 1.5 %

Shares of NYSE NOV opened at $16.27 on Tuesday. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. NOV Inc. has a twelve month low of $14.98 and a twelve month high of $21.23. The company’s fifty day moving average is $16.00 and its 200-day moving average is $17.32. The stock has a market cap of $6.33 billion, a price-to-earnings ratio of 6.00, a P/E/G ratio of 0.93 and a beta of 1.66.

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.30 annualized dividend and a dividend yield of 1.84%. NOV’s dividend payout ratio (DPR) is currently 11.07%.

Insider Transactions at NOV

In other news, Director David D. Harrison sold 1,784 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the sale, the director now owns 110,951 shares of the company’s stock, valued at $1,786,311.10. This represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.85% of the stock is currently owned by insiders.

NOV Profile

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.