First Trust Advisors LP cut its stake in shares of National-Oilwell Varco, Inc. (NYSE:NOV) by 63.6% during the first quarter, Holdings Channel reports. The firm owned 93,871 shares of the oil and gas exploration company’s stock after selling 163,804 shares during the period. First Trust Advisors LP’s holdings in National-Oilwell Varco were worth $3,763,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOV. Contrarius Investment Management Ltd boosted its position in National-Oilwell Varco by 14.2% in the third quarter. Contrarius Investment Management Ltd now owns 2,279,837 shares of the oil and gas exploration company’s stock valued at $83,761,000 after buying an additional 282,907 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in National-Oilwell Varco during the third quarter valued at $1,681,000. Quadrature Capital Ltd boosted its position in National-Oilwell Varco by 90.9% in the third quarter. Quadrature Capital Ltd now owns 178,482 shares of the oil and gas exploration company’s stock valued at $6,554,000 after buying an additional 85,000 shares in the last quarter. Parnassus Investments CA boosted its position in National-Oilwell Varco by 20.2% in the third quarter. Parnassus Investments CA now owns 14,062,198 shares of the oil and gas exploration company’s stock valued at $516,645,000 after buying an additional 2,366,764 shares in the last quarter. Finally, Lombard Odier Transatlantic Limited Partnership boosted its position in National-Oilwell Varco by 24.0% in the third quarter. Lombard Odier Transatlantic Limited Partnership now owns 50,550 shares of the oil and gas exploration company’s stock valued at $1,854,000 after buying an additional 9,800 shares in the last quarter. 94.98% of the stock is currently owned by hedge funds and other institutional investors.
National-Oilwell Varco, Inc. (NYSE NOV) opened at 32.93 on Tuesday. The company’s market capitalization is $12.51 billion. National-Oilwell Varco, Inc. has a 52 week low of $29.79 and a 52 week high of $43.63. The company has a 50-day moving average of $34.30 and a 200-day moving average of $37.56.
National-Oilwell Varco (NYSE:NOV) last posted its earnings results on Wednesday, April 26th. The oil and gas exploration company reported ($0.17) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.03. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.67 billion. National-Oilwell Varco had a negative net margin of 33.26% and a negative return on equity of 2.08%. National-Oilwell Varco’s revenue was down 20.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.06) EPS. On average, equities research analysts anticipate that National-Oilwell Varco, Inc. will post ($0.40) EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date is Wednesday, June 14th. National-Oilwell Varco’s dividend payout ratio (DPR) is presently -3.12%.
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Several research analysts have weighed in on NOV shares. Vetr raised shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and set a $42.13 price target on the stock in a report on Monday, February 6th. Instinet reissued a “neutral” rating and issued a $35.00 price target on shares of National-Oilwell Varco in a report on Tuesday, February 7th. Loop Capital started coverage on shares of National-Oilwell Varco in a report on Tuesday, February 7th. They issued a “hold” rating on the stock. Credit Suisse Group AG raised shares of National-Oilwell Varco from an “underperform” rating to a “neutral” rating and set a $40.00 price target on the stock in a report on Wednesday, February 8th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $36.00 price target on shares of National-Oilwell Varco in a report on Wednesday, February 8th. Five investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $38.74.
About National-Oilwell Varco
National Oilwell Varco, Inc is an oilfield equipment manufacturer and technology provider. The Company operates through four segments: Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. The Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore.
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