Chevy Chase Trust Holdings Inc. decreased its holdings in National-Oilwell Varco, Inc. (NYSE:NOV) by 1.4% in the third quarter, HoldingsChannel.com reports. The firm owned 379,868 shares of the oil and gas exploration company’s stock after selling 5,345 shares during the quarter. Chevy Chase Trust Holdings Inc.’s holdings in National-Oilwell Varco were worth $8,053,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NOV. First Trust Advisors LP raised its holdings in National-Oilwell Varco by 111.4% in the 1st quarter. First Trust Advisors LP now owns 127,021 shares of the oil and gas exploration company’s stock worth $3,384,000 after purchasing an additional 66,949 shares during the period. Commonwealth Equity Services LLC raised its holdings in National-Oilwell Varco by 9.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 15,878 shares of the oil and gas exploration company’s stock worth $352,000 after purchasing an additional 1,389 shares during the period. FDx Advisors Inc. raised its holdings in National-Oilwell Varco by 21.9% in the 2nd quarter. FDx Advisors Inc. now owns 9,754 shares of the oil and gas exploration company’s stock worth $217,000 after purchasing an additional 1,750 shares during the period. Arden Trust Co acquired a new position in National-Oilwell Varco in the 2nd quarter worth about $521,000. Finally, ST Germain D J Co. Inc. raised its holdings in National-Oilwell Varco by 4.9% in the 2nd quarter. ST Germain D J Co. Inc. now owns 314,626 shares of the oil and gas exploration company’s stock worth $6,994,000 after purchasing an additional 14,660 shares during the period. 95.36% of the stock is owned by institutional investors.
In related news, VP Scott K. Duff sold 6,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $23.51, for a total value of $141,060.00. Following the completion of the sale, the vice president now owns 42,721 shares of the company’s stock, valued at $1,004,370.71. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.92% of the stock is currently owned by company insiders.
National-Oilwell Varco (NYSE:NOV) last posted its quarterly earnings results on Monday, October 28th. The oil and gas exploration company reported ($0.64) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.76). National-Oilwell Varco had a negative net margin of 66.29% and a negative return on equity of 2.82%. The company had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.17 billion. The firm’s revenue was down 1.3% compared to the same quarter last year. As a group, analysts predict that National-Oilwell Varco, Inc. will post 0.18 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.05 dividend. The ex-dividend date is Thursday, December 5th. This represents a $0.20 annualized dividend and a dividend yield of 0.89%. National-Oilwell Varco’s dividend payout ratio is presently -250.00%.
NOV has been the subject of a number of research analyst reports. Citigroup reduced their target price on National-Oilwell Varco from $28.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Cowen increased their target price on National-Oilwell Varco from $24.00 to $26.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. Wells Fargo & Co increased their target price on National-Oilwell Varco from $22.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, September 12th. Susquehanna Bancshares raised National-Oilwell Varco from a “neutral” rating to a “positive” rating and set a $25.00 target price for the company in a report on Monday, August 12th. Finally, Johnson Rice raised National-Oilwell Varco from a “hold” rating to a “buy” rating in a report on Thursday, August 29th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the stock. National-Oilwell Varco presently has an average rating of “Hold” and an average price target of $26.72.
About National-Oilwell Varco
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.
Featured Article: Why do commodities matter?
Want to see what other hedge funds are holding NOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for National-Oilwell Varco, Inc. (NYSE:NOV).
Receive News & Ratings for National-Oilwell Varco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for National-Oilwell Varco and related companies with MarketBeat.com's FREE daily email newsletter.