BlackRock Inc. boosted its position in shares of National Oilwell Varco, Inc. (NYSE:NOV) by 3,189.2% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 24,841,300 shares of the oil and gas exploration company’s stock after buying an additional 24,086,060 shares during the period. BlackRock Inc. owned 0.07% of National Oilwell Varco worth $995,890,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in NOV. Becker Capital Management Inc. boosted its stake in National Oilwell Varco by 29.9% in the fourth quarter. Becker Capital Management Inc. now owns 791,272 shares of the oil and gas exploration company’s stock worth $29,625,000 after buying an additional 182,005 shares during the last quarter. Dodge & Cox purchased a new stake in National Oilwell Varco during the fourth quarter worth about $1,171,647,000. Elkhorn Investments LLC purchased a new stake in National Oilwell Varco during the fourth quarter worth about $790,000. Norges Bank purchased a new stake in National Oilwell Varco during the fourth quarter worth about $132,512,000. Finally, Thrivent Financial for Lutherans boosted its stake in National Oilwell Varco by 5.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 13,120 shares of the oil and gas exploration company’s stock worth $491,000 after buying an additional 724 shares during the last quarter. 91.55% of the stock is owned by hedge funds and other institutional investors.
Shares of National Oilwell Varco, Inc. (NYSE:NOV) opened at 31.79 on Tuesday. The company’s market capitalization is $12.08 billion. The company’s 50-day moving average price is $33.59 and its 200-day moving average price is $37.31. National Oilwell Varco, Inc. has a 52-week low of $29.79 and a 52-week high of $43.63.
National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings data on Wednesday, April 26th. The oil and gas exploration company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.03. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.67 billion. National Oilwell Varco had a negative net margin of 35.50% and a negative return on equity of 2.44%. The firm’s quarterly revenue was down 20.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) earnings per share. Equities research analysts forecast that National Oilwell Varco, Inc. will post ($0.40) EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 16th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.63%. National Oilwell Varco’s payout ratio is presently -3.12%.
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A number of analysts recently issued reports on the company. Vetr cut National Oilwell Varco from a “buy” rating to a “hold” rating and set a $41.60 price objective for the company. in a research report on Monday, February 27th. Argus raised National Oilwell Varco from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research report on Friday, March 3rd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $36.00 price target on shares of National Oilwell Varco in a research report on Tuesday, April 11th. R. F. Lafferty began coverage on National Oilwell Varco in a research report on Thursday, April 6th. They issued a “hold” rating and a $39.00 price target for the company. Finally, Tudor Pickering began coverage on National Oilwell Varco in a research report on Thursday, March 23rd. They issued a “hold” rating for the company. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $39.47.
National Oilwell Varco Company Profile
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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