National Oilwell Varco (NOV) Stake Reduced by Sei Investments Co.
Sei Investments Co. lowered its stake in National Oilwell Varco (NYSE:NOV) by 4.8% during the third quarter, Holdings Channel reports. The fund owned 536,993 shares of the oil and gas exploration company’s stock after selling 27,136 shares during the period. Sei Investments Co.’s holdings in National Oilwell Varco were worth $19,729,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in NOV. Trust Co acquired a new position in National Oilwell Varco during the first quarter valued at approximately $355,000. Chevy Chase Trust Holdings Inc. raised its position in National Oilwell Varco by 1.6% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 325,999 shares of the oil and gas exploration company’s stock valued at $10,970,000 after buying an additional 5,166 shares during the last quarter. Exxonmobil Investment Management Inc. TX raised its position in National Oilwell Varco by 6.7% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 97,602 shares of the oil and gas exploration company’s stock valued at $3,284,000 after buying an additional 6,104 shares during the last quarter. Thompson Rubinstein Investment Management Inc. OR raised its position in National Oilwell Varco by 1.3% in the second quarter. Thompson Rubinstein Investment Management Inc. OR now owns 85,157 shares of the oil and gas exploration company’s stock valued at $2,866,000 after buying an additional 1,056 shares during the last quarter. Finally, DNB Asset Management AS raised its position in National Oilwell Varco by 1.5% in the second quarter. DNB Asset Management AS now owns 34,145 shares of the oil and gas exploration company’s stock valued at $1,149,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 92.25% of the company’s stock.
Shares of National Oilwell Varco (NYSE:NOV) traded down 3.1784% during midday trading on Tuesday, reaching $34.4007. 1,392,714 shares of the company’s stock traded hands. National Oilwell Varco has a 52-week low of $25.74 and a 52-week high of $38.55. The stock’s 50 day moving average price is $34.98 and its 200 day moving average price is $34.02. The firm’s market capitalization is $12.99 billion.
National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings results on Thursday, October 27th. The oil and gas exploration company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $1.68 billion. During the same quarter last year, the company earned $0.61 earnings per share. The business’s revenue was down 4.5% on a year-over-year basis. On average, equities research analysts anticipate that National Oilwell Varco will post ($1.00) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, December 2nd will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Wednesday, November 30th. National Oilwell Varco’s dividend payout ratio (DPR) is -2.33%.
Several research analysts recently commented on the stock. 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 company a “neutral” rating in a report on Monday, September 12th. Nomura set a $29.00 price target on shares of National Oilwell Varco and gave the company a “hold” rating in a report on Tuesday, August 16th. Societe Generale upgraded shares of National Oilwell Varco from a “sell” rating to a “hold” rating and lifted their price objective for the company from $32.10 to $35.00 in a research note on Monday, October 31st. Finally, Zacks Investment Research lowered 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 issued a hold rating and seven have given a buy rating to the company. National Oilwell Varco has an average rating of “Hold” and a consensus target price of $34.67.
About National Oilwell Varco
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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