Today, Exxonmobil Investment Management Inc. TX Cuts Stake in National Oilwell Varco (NOV)

Today, Exxonmobil Investment Management Inc. TX Cuts Stake in National Oilwell Varco (NOV)

Exxonmobil Investment Management Inc. TX lowered its stake in shares of National Oilwell Varco (NYSE:NOV) by 1.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 96,423 shares of the oil and gas exploration company’s stock after selling 1,179 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in National Oilwell Varco were worth $3,543,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of NOV. Quadrant Capital Group LLC increased its position in National Oilwell Varco by 13.6% in the second quarter. Quadrant Capital Group LLC now owns 3,126 shares of the oil and gas exploration company’s stock valued at $101,000 after buying an additional 375 shares during the period. WFG Advisors LP increased its position in National Oilwell Varco by 16.1% in the second quarter. WFG Advisors LP now owns 3,790 shares of the oil and gas exploration company’s stock valued at $128,000 after buying an additional 526 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co increased its position in National Oilwell Varco by 27.5% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,100 shares of the oil and gas exploration company’s stock valued at $172,000 after buying an additional 1,100 shares during the period. Evercore Wealth Management LLC increased its position in National Oilwell Varco by 43.7% in the second quarter. Evercore Wealth Management LLC now owns 5,323 shares of the oil and gas exploration company’s stock valued at $179,000 after buying an additional 1,618 shares during the period. Finally, Mizuho Asset Management Co. Ltd. increased its position in National Oilwell Varco by 64.2% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 5,371 shares of the oil and gas exploration company’s stock valued at $181,000 after buying an additional 2,100 shares during the period. Hedge funds and other institutional investors own 92.25% of the company’s stock.

Shares of National Oilwell Varco (NYSE:NOV) traded down 1.14% during mid-day trading on Monday, hitting $35.53. 2,583,023 shares of the company were exchanged. National Oilwell Varco has a 12-month low of $25.74 and a 12-month high of $38.55. The stock’s market cap is $13.42 billion. The stock’s 50-day moving average price is $35.01 and its 200 day moving average price is $33.97.

National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings results on Thursday, October 27th. The oil and gas exploration company reported ($0.34) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by $0.06. The firm earned $1.65 billion during the quarter, compared to the consensus estimate of $1.68 billion. National Oilwell Varco had a negative net margin of 38.90% and a negative return on equity of 0.71%. The company’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.61 EPS. On average, equities analysts anticipate that National Oilwell Varco will post ($1.00) EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be paid a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.20 annualized dividend and a dividend yield of 0.56%. National Oilwell Varco’s payout ratio is -2.33%.

Several research firms have weighed in on NOV. Jefferies Group restated a “hold” rating on shares of National Oilwell Varco in a report on Wednesday, November 16th. Citigroup Inc. raised their price target 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. Nomura set a $29.00 price target on shares of National Oilwell Varco and gave the stock a “hold” rating in a research note on Tuesday, August 16th. Societe Generale raised shares of National Oilwell Varco from a “sell” rating to a “hold” rating and raised their price target for the stock from $32.10 to $35.00 in a research note on Monday, October 31st. Finally, Zacks Investment Research cut shares of National Oilwell Varco from a “buy” rating to a “hold” rating in a research note on Tuesday, October 18th. Three research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target 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.

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