London-based Oldfield Partners increased its stake in NOV by 276,961 shares in the fourth quarter, estimated at $4.11 million. Quarter-end position value rose by $15.68 million. As of December 31, they held about 5.05 million NOV shares valued at $78.86 million. Shares of NOV were priced at $17.56 on Thursday, up 24.8% over the past year.

Oldfield Partners disclosed in a recent SEC filing that it acquired an additional 276,961 shares of NOV during the fourth quarter, estimated at $4.11 million. The quarter-end value of the position increased by $15.68 million. NOV is now 22.4% of its 13F reportable AUM after the trade.

NOV offers systems, components, and products for oil and gas drilling and production, with revenue of $8.78 billion and a net income of $383 million. The company serves oil and gas producers, drilling contractors, and industrial clients globally, with a focus on both onshore and offshore operations.

Oilfield is showing confidence in NOV by boosting their position to 22% of holdings. NOV’s recent results include bookings surging to $951 million in the third quarter, lifting capital equipment backlog to $4.56 billion. NOV’s appeal lies in durability through the cycle, not just headline growth.

Read more at Yahoo Finance: This Fund Put 22% of Assets Into an Oilfield Equipment Stock Up 25% in a Year