Advisory Services Network LLC boosted its position in National Oilwell Varco (NYSE:NOV) by 252.4% during the second quarter, Holdings Channel reports. The fund owned 7,319 shares of the oil and gas exploration company’s stock after buying an additional 5,242 shares during the period. Advisory Services Network LLC’s holdings in National Oilwell Varco were worth $246,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in NOV. Alps Advisors Inc. purchased a new position in shares of National Oilwell Varco during the second quarter worth approximately $25,259,000. Legal & General Group Plc increased its position in shares of 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 in the last quarter. National Pension Service increased its position in shares of 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 in the last quarter. Hancock Holding Co. bought a new position in shares of National Oilwell Varco during the first quarter worth about $3,125,000. Finally, Canada Pension Plan Investment Board increased its position in shares of 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 in the last quarter. Institutional investors own 94.11% of the company’s stock.
National Oilwell Varco (NYSE:NOV) traded down 0.46% during mid-day trading on Friday, reaching $36.84. The company had a trading volume of 3,121,546 shares. National Oilwell Varco has a 12-month low of $25.74 and a 12-month high of $40.97. The stock has a 50-day moving average of $34.49 and a 200 day moving average of $32.91. The company’s market capitalization is $13.91 billion.
National Oilwell Varco (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 28th. The oil and gas exploration company reported ($0.30) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company earned $1.72 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same quarter last year, the company earned $0.77 earnings per share. The firm’s quarterly revenue was down 55.9% on a year-over-year basis. On average, analysts expect that National Oilwell Varco will post ($0.92) EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were given a dividend of $0.05 per share. The ex-dividend date was Wednesday, September 14th. This represents a $0.20 dividend on an annualized basis and a yield of 0.54%. National Oilwell Varco’s payout ratio is -4.40%.
NOV has been the subject of several recent research reports. Jefferies Group restated a “hold” rating and set a $32.00 target price on shares of National Oilwell Varco in a report on Monday, August 1st. Howard Weil raised their price target on shares of National Oilwell Varco from $32.00 to $37.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 15th. Zacks Investment Research raised shares of National Oilwell Varco from a “sell” rating to a “hold” rating in a research report on Monday, June 13th. Bank of America Corp. reaffirmed an “underperform” rating on shares of National Oilwell Varco in a research report on Monday, June 13th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $37.00 price target (up from $32.00) on shares of National Oilwell Varco in a research report on Wednesday, June 15th. Five analysts have rated the stock with a sell rating, nineteen have given a hold rating and seven have assigned a buy rating to the company’s stock. National Oilwell Varco presently has an average rating of “Hold” and a consensus price target of $34.70.
In other National Oilwell Varco news, VP Scott K. Duff sold 3,181 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $33.40, for a total transaction of $106,245.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.
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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