This Fund Put 22% of Assets Into an Oilfield Equipment Stock Up 25% in a Year
Key Points
London-based Oldfield Partners bought 276,961 NOV shares in the fourth quarter for an estimated $4.11 million based on quarterly average pricing.
Meanwhile, the quarter-end position value rose by $15.68 million, reflecting both trading and price appreciation.
As of December 31, the fund reported holding about 5.05 million NOV shares valued at $78.86 million.
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London-based Oldfield Partners increased its stake in NOV (NYSE:NOV) by 276,961 shares in the fourth quarter, an estimated $4.11 million trade based on quarterly average pricing, according to a Friday SEC filing.
What Happened
Oldfield Partners disclosed in a recent SEC filing that it acquired an additional 276,961 shares of NOV during the fourth quarter. The estimated transaction value was $4.11 million based on the average share price during the period. The quarter-end value of the position increased by $15.68 million, a figure that includes the effects of both trading activity and share price movements.
What Else to Know
Oldfield Partners's purchaes brings NOV to 22.4% of its 13F reportable AUM after the trade.
Top five holdings post-filing:
- NYSE:NOV: $78.86 million (22.4% of AUM)
- NYSE:LEA: $73.84 million (20.9% of AUM)
- NYSE:DIS: $57.35 million (16.3% of AUM)
- NYSE:CB: $55.09 million (15.6% of AUM)
- NYSE:ARW: $40.39 million (11.5% of AUM)
As of Thursday, shares of NOV were priced at $17.56, up 24.8% over the past year and outperforming the S&P 500 by 5.41 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $8.78 billion |
| Net Income (TTM) | $383.00 million |
| Dividend Yield | 1.7% |
| Price (as of Thursday) | $17.56 |
Company Snapshot
- NOV offers systems, components, and products for oil and gas drilling and production, as well as industrial and renewable energy applications; key offerings include drilling equipment, production technologies, and related services.
- The company generates revenue from manufacturing and selling equipment, providing services such as repair, rentals, technical support, and remote monitoring across three main segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.
- It serves oil and gas producers, drilling contractors, and industrial clients globally, with a focus on both onshore and offshore operations.
NOV Inc. is a leading provider of equipment and technology to the global energy sector, with a diversified portfolio spanning oilfield services, drilling systems, and production solutions. The company leverages its scale and engineering expertise to deliver integrated offerings, supporting both traditional oil and gas markets and emerging renewable segments. NOV's established presence, broad customer base, and commitment to innovation position it competitively within the energy equipment and services industry.
What this transaction means for investors
Oilfield is certainly showing some confidence in NOV by boosting the position to command 22% of holdings, and the company’s recent results help explain why. In the third quarter, bookings surged to $951 million, driving a 141% book-to-bill ratio and lifting capital equipment backlog to $4.56 billion. Even with softer near-term industry conditions, operational execution and offshore demand helped stabilize margins and cash generation.
Context inside the portfolio also reinforces the signal. NOV edges out Lear and Disney as the largest holding, with the rest of the top positions spread across autos, media, insurance, and electronics distribution. That mix suggests the manager is not broadly chasing energy, but selectively leaning into a supplier positioned to benefit from an offshore upcycle while returning capital through dividends and buybacks.
Ultimately, cyclical stocks earn oversized weights only when balance sheets, backlog, and cash flow line up. NOV’s appeal here is not necessarily headline growth, but instead durability through the cycle.
Glossary
Stake: The ownership interest or share held in a company by an investor or institution.
Quarterly average pricing: The average price of a security over a specific quarter, used for estimating transaction values.
Price appreciation: The increase in the value of an asset or investment over time.
13F reportable AUM: Assets under management that must be disclosed in SEC Form 13F filings by institutional investment managers.
Position: The amount of a particular security or investment held by an investor or fund.
Portfolio: A collection of investments held by an individual or institution.
Dividend yield: A financial ratio showing how much a company pays out in dividends each year relative to its share price.
Segments: Distinct business divisions within a company, often based on product lines or markets served.
Wellbore Technologies: Products and services related to drilling and maintaining the hole made for oil or gas extraction.
Completion & Production Solutions: Equipment and services used after drilling, to complete wells and manage oil or gas production.
Rig Technologies: Systems and equipment used in the operation and management of drilling rigs.
TTM: The 12-month period ending with the most recent quarterly report.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Walt Disney. The Motley Fool has a disclosure policy.
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