Alps Advisors Inc. purchased a new position in shares of National Oilwell Varco (NYSE:NOV) during the second quarter, according to its most recent filing with the SEC. The firm purchased 750,626 shares of the oil and gas exploration company’s stock, valued at approximately $25,259,000.
A number of other hedge funds have also recently made changes to their positions in NOV. Legal & General Group Plc boosted its stake 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 boosted its stake 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. purchased a new stake in shares of National Oilwell Varco during the first quarter worth approximately $3,125,000. Canada Pension Plan Investment Board boosted its stake 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. Finally, NN Investment Partners Holdings N.V. purchased a new stake in shares of National Oilwell Varco during the first quarter worth approximately $1,091,000. Hedge funds and other institutional investors own 94.11% of the company’s stock.
National Oilwell Varco (NYSE:NOV) traded down 1.33% on Tuesday, reaching $33.44. 4,151,990 shares of the company’s stock traded hands. National Oilwell Varco has a 12 month low of $25.74 and a 12 month high of $42.62. The firm’s 50-day moving average is $34.05 and its 200 day moving average is $32.71. The firm’s market cap is $12.63 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 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 period in the previous year, the firm earned $0.77 EPS. The business’s quarterly revenue was down 55.9% on a year-over-year basis. Equities analysts predict that National Oilwell Varco will post ($0.92) EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.60%. The ex-dividend date is Wednesday, September 14th. National Oilwell Varco’s dividend payout ratio (DPR) is presently -4.40%.
NOV has been the subject of a number of recent analyst reports. Seaport Global Securities reiterated a “neutral” rating on shares of National Oilwell Varco in a research note on Friday, August 19th. Citigroup Inc. increased their price target on shares of National Oilwell Varco from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Monday, September 12th. Credit Suisse Group AG reiterated a “sell” rating on shares of National Oilwell Varco in a research note on Thursday, June 2nd. Bank of America Corp. reiterated an “underperform” rating on shares of National Oilwell Varco in a research note on Monday, June 13th. Finally, 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. 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’s stock. National Oilwell Varco 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 that occurred on Monday, August 8th. The stock was sold at an average price of $33.40, for a total transaction of $106,245.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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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