Hotchkis & Wiley Takes 2.8% Stake in NOV Inc.

TL;DR

**Hotchkis & Wiley just disclosed a 2.8% stake in NOV Inc., a bullish signal for the stock.**

AI Summary

Hotchkis & Wiley Capital Management LLC, a Delaware-based investment firm, reported beneficial ownership of 10,750,000 shares of NOV Inc. (formerly National Oilwell Varco Inc.) common stock as of December 31, 2023. This represents a 2.8% stake in the oil and gas machinery company. This filing indicates a significant institutional investment in NOV Inc., suggesting confidence from a major asset manager, which could be a positive signal for current and prospective shareholders.

Why It Matters

This filing reveals a significant institutional investor's position in NOV Inc., which can influence market perception and potentially signal future stock performance.

Risk Assessment

Risk Level: low — This filing is a standard disclosure of an institutional investment, not indicating any immediate negative risks.

Analyst Insight

A smart investor would view this as a positive signal, indicating that a professional asset manager sees value in NOV Inc. and might consider further research into the company's fundamentals and future prospects.

Key Numbers

• 10,750,000 — Shares Owned (Number of NOV Inc. shares beneficially owned by Hotchkis & Wiley Capital Management LLC.)
• 2.8% — Ownership Percentage (The percentage of NOV Inc.'s common stock owned by Hotchkis & Wiley Capital Management LLC.)
• December 31, 2023 — Reporting Date (The date as of which the beneficial ownership was calculated.)

Key Players & Entities

• Hotchkis & Wiley Capital Management LLC (company) — the reporting person, an investment firm
• NOV Inc. (company) — the subject company, an oil & gas machinery & equipment manufacturer
• 10,750,000 (dollar_amount) — shares beneficially owned by Hotchkis & Wiley
• 2.8% (dollar_amount) — percentage of NOV Inc. common stock owned by Hotchkis & Wiley
• December 31, 2023 (date) — date of the event requiring the filing
• Delaware (location) — place of organization for Hotchkis & Wiley Capital Management, LLC

Forward-Looking Statements

• Other institutional investors may take notice of Hotchkis & Wiley's position and potentially increase their own holdings in NOV Inc. (NOV Inc.) — medium confidence, target: Q2 2024

FAQ

From the Filing

0001172661-24-000831.txt : 20240213 0001172661-24-000831.hdr.sgml : 20240213 20240213160533 ACCESSION NUMBER: 0001172661-24-000831 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240213 DATE AS OF CHANGE: 20240213 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NOV Inc. CENTRAL INDEX KEY: 0001021860 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] ORGANIZATION NAME: 06 Technology IRS NUMBER: 760475815 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-49577 FILM NUMBER: 24625717 BUSINESS ADDRESS: STREET 1: 10353 RICHMOND AVE. CITY: HOUSTON STATE: TX ZIP: 77042 BUSINESS PHONE: 346-223-3000 MAIL ADDRESS: STREET 1: 10353 RICHMOND AVE. CITY: HOUSTON STATE: TX ZIP: 77042 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL OILWELL VARCO INC DATE OF NAME CHANGE: 20050311 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL OILWELL INC DATE OF NAME CHANGE: 19960829 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0001164833 ORGANIZATION NAME: IRS NUMBER: 954871957 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 601 SOUTH FIGUEROA ST 39TH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90017 BUSINESS PHONE: 2134301000 MAIL ADDRESS: STREET 1: 601 SOUTH FIGUEROA ST 39TH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90017 SC 13G 1 hotchkiswiley-nov123123.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* NOV INC. (Name of Issuer) Common Stock, par value $.01 per share (Title of Class of Securities) 62955J103 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: x 	Rule 13d-1(b) o 	Rule 13d-1(c) o 	Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No.  62955J103   SCHEDULE 13G Page 2 of 6 Pages           1 NAME OF REPORTING PERSONS   Hotchkis and Wiley Capital Management, LLC 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o (b) o   3 SEC USE ONLY     4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER   20,425,995 6 SHARED VOTING POWER   0 7 SOLE DISPOSITIVE POWER   22,123,795 8 SHARED DISPOSITIVE POWER 0 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   22,123,795 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES     o 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)   5.62% 12 TYPE OF REPORTING PERSON   IA CUSIP No.  62955J103   SCHEDULE 13G Page 3 of  6 Pages Item 1. (a)	Name of Issuer NOV INC. (b)	Address of Issuer’s Principal Executive Offices 10353 Richmond Avenue Houston, Texas 77042-4103 Item 2. (a)	Name of Person Filing Hotchkis and Wiley Capital Management, LLC (b)	Address of Principal Business Office, or, if none, Residence 601 S. Figueroa Street, 39th Fl Los Angeles, CA 90017 (c)	Citizenship Delaware (d)	Title of Class of Securities Common Stock, par value $.01 per share (e) CUSIP No.: 62955J103 CUSIP No.  62955J103   SCHEDULE 13G Page&#