Oppenheimer Asset Management Inc. lowered its holdings in National Oilwell Varco, Inc. (NYSE:NOV) by 5.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,022 shares of the oil and gas exploration company’s stock after selling 596 shares during the period. Oppenheimer Asset Management Inc.’s holdings in National Oilwell Varco were worth $363,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in NOV. FNY Partners Fund LP acquired a new position in shares of National Oilwell Varco in the first quarter valued at approximately $120,000. Exane Derivatives grew its holdings in shares of 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 valued at $131,000 after purchasing an additional 2,121 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in shares of National Oilwell Varco in the second quarter valued at approximately $194,000. WMS Partners LLC acquired a new position in shares of National Oilwell Varco in the first quarter valued at approximately $200,000. Finally, Tiedemann Wealth Management LLC acquired a new position in shares of National Oilwell Varco in the first quarter valued at approximately $203,000. Hedge funds and other institutional investors own 90.29% of the company’s stock.

A number of research analysts recently weighed in on the stock. BidaskClub upgraded shares of National Oilwell Varco from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Piper Jaffray Companies set a $37.00 price objective on shares of National Oilwell Varco and gave the company a “buy” rating in a report on Thursday, July 27th. Scotiabank set a $37.00 price objective on shares of National Oilwell Varco and gave the company a “hold” rating in a report on Friday, July 28th. SunTrust Banks, Inc. cut shares of National Oilwell Varco from a “hold” rating to a “sell” rating and lifted their price objective for the company from $29.00 to $50.00 in a report on Monday, August 7th. They noted that the move was a valuation call. Finally, Morgan Stanley restated an “overweight” rating and issued a $50.00 price objective (down previously from $60.00) on shares of National Oilwell Varco in a report on Wednesday, June 21st. Five analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $38.82.

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Shares of National Oilwell Varco, Inc. (NYSE NOV) opened at 34.45 on Monday. National Oilwell Varco, Inc. has a 12 month low of $29.90 and a 12 month high of $43.63. The stock’s market cap is $13.09 billion. The stock’s 50 day moving average is $31.45 and its 200 day moving average is $34.41.

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, hitting 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 business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter last year, the company earned ($0.30) earnings per share. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. Analysts predict that National Oilwell Varco, Inc. will post ($0.40) earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders 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 0.58%. The ex-dividend date of this dividend is Thursday, September 14th. National Oilwell Varco’s payout ratio is currently -3.31%.

About National Oilwell Varco

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.

Institutional Ownership by Quarter for National Oilwell Varco (NYSE:NOV)

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