Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the Ariel Appreciation fund fell -6.48% underperforming Russell Midcap Value and Russell Midcap indices, which returned -4.46% and -4.68%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Appreciation Fund highlighted stocks like NOV Inc. (NYSE:NOV) in the Q3 2023 investor letter. Headquartered in Houston, Texas, NOV Inc. (NYSE:NOV) provides equipment and technologies for oil and gas drilling and production. On December 12, 2023, NOV Inc. (NYSE:NOV) stock closed at $18.54 per share. One-month return of NOV Inc. (NYSE:NOV) was -5.70%, and its shares lost 8.44% of their value over the last 52 weeks. NOV Inc. (NYSE:NOV) has a market capitalization of $7.303 billion.
Ariel Appreciation Fund made the following comment about NOV Inc. (NYSE:NOV) in its Q3 2023 investor letter:
“Drilling and production equipment provider, NOV Inc. (NYSE:NOV), also advanced in the period following a top and bottom-line beat. Improving demand for offshore drilling rigs is leading to higher day rates, longer contract terms and opportunities to activate idle rigs. NOV is also deploying new digital, low emissions fracking equipment and rig automation which is expected to enhance drilling efficiency. This value proposition is incentivizing oil and gas companies to increasingly utilize NOV’s equipment. Meanwhile, the company has won international projects, including Saudi Aramco’s plan to build new land and jackup rigs over the next 10 years. As the company continues to right-size its onshore business and grow its offshore business, with greater efficiencies, we believe the market will come to recognize NOV’s value over the long term.”
An engineer inspecting a complete set of oil and gas components.
NOV Inc. (NYSE:NOV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held NOV Inc. (NYSE:NOV) at the end of third quarter which was 28 in the previous quarter.
We discussed NOV Inc. (NYSE:NOV) in another article and shared Artisan Mid Cap Value Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
