In recent news, Goehring & Rozencwajg Associates LLC has acquired a new stake in shares of NOV Inc. (NYSE:NOV). According to their most recent disclosure with the Securities & Exchange Commission, the fund has acquired 122,919 shares of the oil and gas exploration company’s stock, valued at approximately $2,565,000. This acquisition indicates a bullish outlook on NOV Inc. and demonstrates investor confidence in the company’s growth potential.
NOV Inc. is a leading provider of equipment and technology to the upstream oil and gas industry through its segments that include Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment focuses on engineering, manufacturing, and support for advanced drilling equipment packages related capital equipment for oil and gas wells.
NOV’s latest quarterly earnings report was released on Wednesday, April 26th where they reported earnings per share (EPS) of $0.32 for the quarter beating analysts’ consensus estimates of $0.22 by $0.10 with revenue totalling $1.96 billion during the quarter which matches analysts’ expectations.
The business achieved an increased quarterly revenue rate of 26.7% compared to its previous year numbers which shows a strong performance over time despite undergoing several challenges caused by maintaining health protocols during this global pandemic.
With a net margin of 4.33% and a return on equity of 6.51%, it is easy to see why investors are optimistic about NOV’s current position within the market sphere. Analysts expect that NOV will continue this trend with projected EPS rates at 1.32 for this year alone indicating a positive future outlook for investors’ investment decisions.
Overall we can see that GOEHRING gained confidence in their investment decision by acquiring almost two million dollars worth of NOV but only time can tell to whom all this benevolence will shed upon.
NOV, Inc.: A Leading Provider in Upstream Oil and Gas Industry with Strong Institutional Investor Support
NOV, Inc. is a leading provider of equipment and technology to the upstream oil and gas industry. The company operates through three segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. Recently, a number of large investors have modified their holdings in the company, including Natixis, Teachers Retirement System of The State of Kentucky, Truist Financial Corp, Alliancebernstein L.P., and CreativeOne Wealth LLC. In fact 94.18% of the stock is currently owned by institutional investors.
Shares of NOV opened at $15.85 on Friday with a market cap of $6.24 billion, a P/E ratio of 18.86 and a beta of 1.89. The firm has a 50 day moving average price of $16.27 and a 200 day moving average price of $19.52.
The Rig Technologies segment focuses on the engineering, manufacturing, and support of advanced drilling equipment packages and related capital equipment for oil and gas wells. Additionally NOV recently announced quarterly dividend to be paid on Friday June 30th with shareholders as at Friday June 16th receiving $0.05 per share as dividend which represents an annualized basis payout ratio at 23%.
NOV’s shares have been rated as Hold or Buy in research reports published by several equity research analysts including Piper Sandler who decreased their price target on shares from $22 to $21 while Barclays decreased their price target from $25 to $20.
As NOV continues its operations in the oil and gas sector it may attract more investors or face competition from new entrants into the market.This significant focus within this industry means that volatility will continue to characterise future investment decisions within the sector by current or potential investors alike .
The post Goehring & Rozencwajg Associates LLC Makes Bullish Move with Acquisition of Stake in NOV Inc. appeared first on Best Stocks.
