Advisor Partners LLC Purchases New Stake in National-Oilwell Varco, Inc. (NYSE:NOV)
Advisor Partners LLC purchased a new stake in National-Oilwell Varco, Inc. (NYSE:NOV) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,163 shares of the oil and gas exploration company’s stock, valued at approximately $343,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in National-Oilwell Varco by 1.1% in the second quarter. Vanguard Group Inc. now owns 42,639,578 shares of the oil and gas exploration company’s stock valued at $947,879,000 after buying an additional 446,467 shares during the period. BlackRock Inc. raised its stake in shares of National-Oilwell Varco by 1.9% during the second quarter. BlackRock Inc. now owns 26,346,681 shares of the oil and gas exploration company’s stock valued at $585,686,000 after purchasing an additional 488,523 shares during the period. Pzena Investment Management LLC raised its stake in shares of National-Oilwell Varco by 45.9% during the second quarter. Pzena Investment Management LLC now owns 24,225,557 shares of the oil and gas exploration company’s stock valued at $538,534,000 after purchasing an additional 7,616,881 shares during the period. Ruffer LLP raised its stake in shares of National-Oilwell Varco by 7.1% during the second quarter. Ruffer LLP now owns 7,521,206 shares of the oil and gas exploration company’s stock valued at $167,158,000 after purchasing an additional 501,659 shares during the period. Finally, Lyrical Asset Management LP raised its stake in shares of National-Oilwell Varco by 1.7% during the second quarter. Lyrical Asset Management LP now owns 5,534,761 shares of the oil and gas exploration company’s stock valued at $123,038,000 after purchasing an additional 90,670 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.
NOV has been the topic of a number of analyst reports. Bank of America reiterated an “underperform” rating and set a $20.00 price objective (down previously from $26.00) on shares of National-Oilwell Varco in a research note on Tuesday, June 25th. Citigroup dropped their price objective on shares of National-Oilwell Varco from $28.00 to $27.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Jefferies Financial Group upgraded shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and lifted their price objective for the company from $23.00 to $25.00 in a research note on Thursday, September 5th. Wells Fargo & Co lifted their price objective on shares of National-Oilwell Varco from $22.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, September 12th. Finally, Seaport Global Securities upgraded shares of National-Oilwell Varco from a “sell” rating to a “neutral” rating in a research note on Wednesday, July 31st. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the stock. National-Oilwell Varco currently has a consensus rating of “Hold” and a consensus price target of $30.48.
National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings results on Monday, July 29th. The oil and gas exploration company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.08 billion. National-Oilwell Varco had a negative net margin of 63.23% and a negative return on equity of 0.64%. As a group, equities research analysts forecast that National-Oilwell Varco, Inc. will post 0.03 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, September 12th. National-Oilwell Varco’s dividend payout ratio is presently -250.00%.
In other National-Oilwell Varco news, Director Eric L. Mattson sold 4,750 shares of National-Oilwell Varco stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $21.02, for a total value of $99,845.00. Following the completion of the transaction, the director now owns 64,503 shares of the company’s stock, valued at $1,355,853.06. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joseph W. Rovig sold 22,640 shares of National-Oilwell Varco stock in a transaction on Friday, August 16th. The stock was sold at an average price of $18.37, for a total transaction of $415,896.80. Following the completion of the transaction, the insider now directly owns 73,867 shares of the company’s stock, valued at approximately $1,356,936.79. The disclosure for this sale can be found here. Insiders own 0.92% of the company’s stock.
National-Oilwell Varco 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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