Garrison Financial Corp reduced its position in National Oilwell Varco (NYSE:NOV) by 3.9% during the second quarter, Holdings Channel reports. The institutional investor owned 33,696 shares of the oil and gas exploration company’s stock after selling 1,355 shares during the period. Garrison Financial Corp’s holdings in National Oilwell Varco were worth $1,134,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of NOV. Alps Advisors Inc. bought a new position in National Oilwell Varco during the second quarter worth $25,259,000. Legal & General Group Plc raised its position in National Oilwell Varco by 10.2% in the first quarter. Legal & General Group Plc now owns 1,946,920 shares of the oil and gas exploration company’s stock worth $60,553,000 after buying an additional 180,873 shares during the period. National Pension Service raised its position in National Oilwell Varco by 4.4% in the first quarter. National Pension Service now owns 247,049 shares of the oil and gas exploration company’s stock worth $7,683,000 after buying an additional 10,498 shares during the period. Hancock Holding Co. bought a new position in National Oilwell Varco during the first quarter worth $3,125,000. Finally, Canada Pension Plan Investment Board raised its position in National Oilwell Varco by 21.4% in the first quarter. Canada Pension Plan Investment Board now owns 17,613 shares of the oil and gas exploration company’s stock worth $548,000 after buying an additional 3,100 shares during the period. 94.11% of the stock is currently owned by hedge funds and other institutional investors.
Shares of National Oilwell Varco (NYSE:NOV) traded up 1.63% during mid-day trading on Thursday, hitting $36.86. The company had a trading volume of 10,859,917 shares. The stock’s market cap is $13.92 billion. National Oilwell Varco has a 52-week low of $25.74 and a 52-week high of $42.62. The stock’s 50-day moving average is $34.08 and its 200-day moving average is $32.73.
National Oilwell Varco (NYSE:NOV) last issued its earnings results on Thursday, July 28th. The oil and gas exploration company reported ($0.30) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.02. National Oilwell Varco had a positive return on equity of 1.83% and a negative net margin of 17.14%. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter last year, the firm earned $0.77 earnings per share. The firm’s revenue for the quarter was down 55.9% compared to the same quarter last year. Equities analysts forecast that National Oilwell Varco will post ($0.92) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date is Wednesday, September 14th. National Oilwell Varco’s payout ratio is currently -4.40%.
A number of research firms have weighed in on NOV. Citigroup Inc. boosted their price objective on National Oilwell Varco from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, September 12th. Seaport Global Securities reissued a “neutral” rating on shares of National Oilwell Varco in a research note on Friday, August 19th. Nomura set a $29.00 price objective on National Oilwell Varco and gave the stock a “hold” rating in a research note on Tuesday, August 16th. Jefferies Group reissued a “hold” rating and set a $32.00 price objective on shares of National Oilwell Varco in a research note on Monday, August 1st. Finally, Credit Suisse Group AG reissued a “sell” rating and set a $23.00 price objective on shares of National Oilwell Varco in a research note on Friday, July 29th. Four research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $34.98.
In related news, VP Scott K. Duff sold 3,181 shares of National Oilwell Varco stock in a transaction on Monday, August 8th. The stock was sold at an average price of $33.40, for a total value of $106,245.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.17% of the stock is owned by corporate insiders.
About National Oilwell Varco
National Oilwell Varco, Inc (NOV) is engaged in providing design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations. The Company operates through four segments: Rig Systems, which makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore; Rig Aftermarket, which provides aftermarket products and services to support land and offshore rigs, and drilling rig components manufactured by the Company’s Rig Systems segment; Wellbore Technologies, which sells and rents solids control equipment, and provides solids control, waste management and drilling fluids services, and Completion & Production Solutions, which provides technologies for well completions and oil and gas production.
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