Commerzbank Aktiengesellschaft FI trimmed its holdings in National Oilwell Varco, Inc. (NYSE:NOV) by 59.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,535 shares of the oil and gas exploration company’s stock after selling 40,348 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in National Oilwell Varco were worth $907,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. FNY Partners Fund LP bought a new position in National Oilwell Varco in the 1st quarter worth approximately $120,000. Exane Derivatives lifted its position in National Oilwell Varco by 113.8% in the second quarter. Exane Derivatives now owns 3,985 shares of the oil and gas exploration company’s stock worth $131,000 after purchasing an additional 2,121 shares during the period. WMS Partners LLC acquired a new stake in National Oilwell Varco in the first quarter worth approximately $200,000. Tiedemann Wealth Management LLC acquired a new stake in National Oilwell Varco in the first quarter worth approximately $203,000. Finally, United Capital Financial Advisers LLC acquired a new stake in National Oilwell Varco in the first quarter worth approximately $206,000. 90.29% of the stock is owned by institutional investors and hedge funds.
Shares of National Oilwell Varco, Inc. (NOV) opened at 35.54 on Friday. The firm’s 50-day moving average is $31.57 and its 200-day moving average is $34.23. The company’s market capitalization is $13.51 billion. National Oilwell Varco, Inc. has a 12-month low of $29.90 and a 12-month high of $43.63.
National Oilwell Varco (NYSE:NOV) last released its quarterly earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.14). National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period last year, the firm earned ($0.30) earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. On average, equities research analysts anticipate that National Oilwell Varco, Inc. will post ($0.40) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend is Thursday, September 14th. National Oilwell Varco’s payout ratio is currently -3.31%.
A number of research firms have weighed in on NOV. R. F. Lafferty restated a “hold” rating and issued a $33.00 target price (down from $38.00) on shares of National Oilwell Varco in a research report on Tuesday, August 1st. ValuEngine upgraded National Oilwell Varco from a “sell” rating to a “hold” rating in a research report on Wednesday. Seaport Global Securities restated a “sell” rating on shares of National Oilwell Varco in a research report on Friday, July 28th. Zacks Investment Research upgraded National Oilwell Varco from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, SunTrust Banks, Inc. downgraded National Oilwell Varco from a “hold” rating to a “sell” rating and increased their price objective for the company from $29.00 to $50.00 in a research report on Monday, August 7th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $38.82.
National Oilwell Varco Profile
National Oilwell Varco, Inc is an oilfield equipment manufacturer and technology provider. The Company operates through four segments: Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. The Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore.
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