Advisory Services Network LLC increased its stake in shares of National Oilwell Varco (NYSE:NOV) by 16.7% during the third quarter, Holdings Channel reports. The firm owned 8,544 shares of the oil and gas exploration company’s stock after buying an additional 1,225 shares during the period. Advisory Services Network LLC’s holdings in National Oilwell Varco were worth $314,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in NOV. Alps Advisors Inc. bought a new position in National Oilwell Varco during the second quarter valued at $25,259,000. Bank of New York Mellon Corp increased its position in National Oilwell Varco by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 9,044,580 shares of the oil and gas exploration company’s stock valued at $304,350,000 after buying an additional 126,412 shares during the period. Aberdeen Asset Management PLC UK increased its position in National Oilwell Varco by 0.9% in the second quarter. Aberdeen Asset Management PLC UK now owns 691,542 shares of the oil and gas exploration company’s stock valued at $23,270,000 after buying an additional 6,173 shares during the period. Becker Capital Management Inc. increased its position in National Oilwell Varco by 81.3% in the second quarter. Becker Capital Management Inc. now owns 598,162 shares of the oil and gas exploration company’s stock valued at $20,128,000 after buying an additional 268,267 shares during the period. Finally, Nuance Investments LLC bought a new position in National Oilwell Varco during the second quarter valued at $1,531,000. Institutional investors own 93.75% of the company’s stock.
Shares of National Oilwell Varco (NYSE:NOV) traded down 1.13% during mid-day trading on Friday, hitting $35.94. The stock had a trading volume of 1,356,692 shares. The firm’s market cap is $13.57 billion. The stock’s 50-day moving average is $35.01 and its 200 day moving average is $33.97. National Oilwell Varco has a 12 month low of $25.74 and a 12 month high of $38.55.
National Oilwell Varco (NYSE:NOV) last posted its earnings results on Thursday, October 27th. The oil and gas exploration company reported ($0.34) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by $0.06. National Oilwell Varco had a negative net margin of 38.90% and a negative return on equity of 0.71%. The company earned $1.65 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the business posted $0.61 EPS. The firm’s revenue for the quarter was down 4.5% on a year-over-year basis. Equities research analysts predict that National Oilwell Varco will post ($1.00) earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be issued a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.20 annualized dividend and a yield of 0.56%. National Oilwell Varco’s dividend payout ratio (DPR) is presently -2.33%.
Several brokerages have recently commented on NOV. Citigroup Inc. downgraded National Oilwell Varco from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $37.00 to $30.00 in a research report on Monday, October 3rd. Seaport Global Securities restated a “neutral” rating on shares of National Oilwell Varco in a research report on Friday, August 19th. Zacks Investment Research downgraded National Oilwell Varco from a “buy” rating to a “hold” rating in a research report on Tuesday, October 18th. Jefferies Group restated a “hold” rating on shares of National Oilwell Varco in a research report on Wednesday, November 16th. Finally, Nomura set a $29.00 price objective on National Oilwell Varco and gave the company a “hold” rating in a research report on Tuesday, August 16th. Three equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and seven have given a buy rating to the stock. National Oilwell Varco presently has an average rating of “Hold” and a consensus target price of $34.67.
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.