Stoneridge Investment Partners LLC acquired a new stake in National Oilwell Varco (NYSE:NOV) during the second quarter, according to its most recent filing with the SEC. The firm acquired 13,132 shares of the oil and gas exploration company’s stock, valued at approximately $442,000.
A number of other large investors have also added to or reduced their stakes in the company. Dodge & Cox raised its stake in National Oilwell Varco by 25.1% in the first quarter. Dodge & Cox now owns 26,622,720 shares of the oil and gas exploration company’s stock valued at $827,967,000 after buying an additional 5,347,050 shares during the period. Contrarius Investment Management Ltd acquired a new stake in National Oilwell Varco during the first quarter valued at $64,626,000. Los Angeles Capital Management & Equity Research Inc. raised its stake in National Oilwell Varco by 4,053.9% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,765,029 shares of the oil and gas exploration company’s stock valued at $54,892,000 after buying an additional 1,722,538 shares during the period. BlackRock Fund Advisors raised its stake in National Oilwell Varco by 6.0% in the first quarter. BlackRock Fund Advisors now owns 11,555,142 shares of the oil and gas exploration company’s stock valued at $359,365,000 after buying an additional 658,394 shares during the period. Finally, State Street Corp raised its stake in National Oilwell Varco by 2.7% in the first quarter. State Street Corp now owns 20,025,837 shares of the oil and gas exploration company’s stock valued at $622,810,000 after buying an additional 527,616 shares during the period. Hedge funds and other institutional investors own 94.11% of the company’s stock.
Shares of National Oilwell Varco (NYSE:NOV) traded down 1.43% on Friday, hitting $33.89. 5,053,509 shares of the stock traded hands. The firm’s market capitalization is $12.80 billion. National Oilwell Varco has a 52 week low of $25.74 and a 52 week high of $42.62. The firm’s 50 day moving average is $34.04 and its 200 day moving average is $32.67.
National Oilwell Varco (NYSE:NOV) last issued 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 Zacks’ consensus estimate of ($0.32) by $0.02. The firm earned $1.72 billion during the quarter, compared to analysts’ expectations of $1.80 billion. National Oilwell Varco had a negative net margin of 17.14% and a positive return on equity of 1.83%. The business’s revenue for the quarter was down 55.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.77 earnings per share. On average, analysts expect that National Oilwell Varco will post ($0.92) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date of this dividend is Wednesday, September 14th. National Oilwell Varco’s payout ratio is currently -4.40%.
Several equities research analysts recently weighed in on NOV shares. Citigroup Inc. increased their price objective on shares of National Oilwell Varco from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, September 12th. Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of National Oilwell Varco in a research note on Tuesday, July 5th. Vetr upgraded shares of National Oilwell Varco from a “buy” rating to a “strong-buy” rating and set a $40.44 price objective on the stock in a research note on Tuesday, June 21st. Seaport Global Securities restated a “neutral” rating on shares of National Oilwell Varco in a research report on Friday, August 19th. Finally, Johnson Rice upgraded shares of National Oilwell Varco from a “hold” rating to an “accumulate” rating in a research report on Friday, July 29th. Four investment analysts have rated the stock with a sell rating, twenty have given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $34.98.
In other National Oilwell Varco news, VP Scott K. Duff sold 3,181 shares of National Oilwell Varco stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $33.40, for a total value of $106,245.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by company insiders.
National Oilwell Varco Company Profile
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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