National Oilwell Varco (NOV) Shares Down 2.1%
National Oilwell Varco (NYSE:NOV) was down 2.1% on Monday . The company traded as low as $32.46 and last traded at $33.02, with a volume of 1,406,625 shares changing hands. The stock had previously closed at $33.74.
A number of equities research analysts have weighed in on NOV shares. Vetr raised National Oilwell Varco from a “buy” rating to a “strong-buy” rating and set a $35.67 price objective on the stock in a report on Monday, May 9th. Credit Suisse Group AG reissued a “sell” rating on shares of National Oilwell Varco in a research note on Tuesday, April 12th. Morgan Stanley boosted their price target on National Oilwell Varco from $35.00 to $39.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 19th. Goldman Sachs Group Inc. reissued a “neutral” rating on shares of National Oilwell Varco in a research note on Tuesday, July 5th. Finally, KLR Group reissued a “buy” rating and set a $52.00 price target on shares of National Oilwell Varco in a research note on Sunday, May 1st. Five analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $35.41.
The stock’s 50 day moving average price is $33.80 and its 200 day moving average price is $31.49. The company’s market cap is $12.46 billion.
National Oilwell Varco (NYSE:NOV) last released its quarterly earnings results on Thursday, April 28th. The oil and gas exploration company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $335.85 million. The firm’s revenue for the quarter was down 54.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.14 EPS. Equities research analysts forecast that National Oilwell Varco will post ($0.99) earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Friday, June 10th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, June 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.61%.
Other hedge funds and institutional investors have added to or reduced their stakes in the company. BHF Kleinwort Benson Group S.A. acquired a new position in National Oilwell Varco during the fourth quarter worth $20,305,000. Morgan Stanley increased its position in National Oilwell Varco by 41.3% in the fourth quarter. Morgan Stanley now owns 2,461,954 shares of the oil and gas exploration company’s stock worth $82,450,000 after buying an additional 719,845 shares in the last quarter. BP PLC acquired a new position in National Oilwell Varco during the fourth quarter worth $1,407,000. Gulf International Bank UK Ltd increased its position in National Oilwell Varco by 0.4% in the fourth quarter. Gulf International Bank UK Ltd now owns 123,574 shares of the oil and gas exploration company’s stock worth $4,138,000 after buying an additional 550 shares in the last quarter. Finally, Harris Associates L P increased its position in National Oilwell Varco by 5.8% in the fourth quarter. Harris Associates L P now owns 9,660,015 shares of the oil and gas exploration company’s stock worth $323,514,000 after buying an additional 528,619 shares in the last quarter.
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 also provides oilfield services to the upstream oil and gas industry. The Company operates through four segments: Rig Systems, Rig Aftermarket, Wellbore Technologies, and Completion & Production Solutions.
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