First Allied Advisory Services Inc. cut its holdings in National-Oilwell Varco, Inc. (NYSE:NOV) by 20.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,459 shares of the oil and gas exploration company’s stock after selling 12,449 shares during the quarter. First Allied Advisory Services Inc.’s holdings in National-Oilwell Varco were worth $1,246,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. National Pension Service grew its holdings in shares of National-Oilwell Varco by 4.7% in the fourth quarter. National Pension Service now owns 440,158 shares of the oil and gas exploration company’s stock valued at $12,778,000 after purchasing an additional 19,739 shares in the last quarter. Legal & General Group Plc boosted its stake in National-Oilwell Varco by 10.9% during the fourth quarter. Legal & General Group Plc now owns 2,231,824 shares of the oil and gas exploration company’s stock worth $57,364,000 after buying an additional 219,515 shares during the period. Amundi Pioneer Asset Management Inc. boosted its stake in National-Oilwell Varco by 19.9% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 2,055,245 shares of the oil and gas exploration company’s stock worth $52,820,000 after buying an additional 340,611 shares during the period. Harris Associates L P boosted its stake in National-Oilwell Varco by 1.8% during the fourth quarter. Harris Associates L P now owns 22,820,259 shares of the oil and gas exploration company’s stock worth $586,481,000 after buying an additional 412,852 shares during the period. Finally, Voleon Capital Management LP purchased a new position in National-Oilwell Varco during the fourth quarter worth $2,236,000. 93.47% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Scott K. Duff sold 15,125 shares of the company’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $28.02, for a total transaction of $423,802.50. Following the completion of the transaction, the vice president now directly owns 54,098 shares of the company’s stock, valued at approximately $1,515,825.96. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.79% of the company’s stock.
National-Oilwell Varco (NYSE:NOV) last announced its quarterly earnings results on Wednesday, February 6th. The oil and gas exploration company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.05). National-Oilwell Varco had a negative net margin of 0.37% and a negative return on equity of 0.22%. The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same period in the previous year, the firm posted ($0.04) earnings per share. The company’s revenue was up 21.8% compared to the same quarter last year. Equities research analysts predict that National-Oilwell Varco, Inc. will post -0.03 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date of this dividend was Thursday, March 14th. National-Oilwell Varco’s payout ratio is presently -250.00%.
Several research analysts have commented on NOV shares. Cowen set a $23.00 price objective on shares of National-Oilwell Varco and gave the stock a “hold” rating in a research note on Friday, April 12th. Goldman Sachs Group started coverage on National-Oilwell Varco in a research report on Sunday, March 10th. They set a “neutral” rating and a $33.00 target price for the company. Royal Bank of Canada set a $31.00 target price on National-Oilwell Varco and gave the stock a “hold” rating in a research report on Friday, February 8th. Raymond James decreased their price objective on National-Oilwell Varco from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, April 15th. Finally, Stephens assumed coverage on National-Oilwell Varco in a report on Wednesday, January 9th. They issued an “overweight” rating and a $35.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $38.00.
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National-Oilwell Varco Company Profile
National Oilwell Varco, Inc designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The Wellbore Technologies segment offers various equipment and technologies used to perform drilling operations.
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