Kanawha Capital Management LLC Decreases Position in National Oilwell Varco (NOV)
Kanawha Capital Management LLC lowered its stake in National Oilwell Varco (NYSE:NOV) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,470 shares of the oil and gas exploration company’s stock after selling 876 shares during the period. Kanawha Capital Management LLC’s holdings in National Oilwell Varco were worth $992,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of the company. Alps Advisors Inc. acquired a new stake in shares of National Oilwell Varco during the second quarter worth $25,259,000. Legal & General Group Plc raised its stake in shares of National Oilwell Varco by 10.2% in the first quarter. Legal & General Group Plc now owns 1,946,920 shares of the oil and gas exploration company’s stock worth $60,553,000 after buying an additional 180,873 shares in the last quarter. National Pension Service raised its stake in shares of National Oilwell Varco by 4.4% in the first quarter. National Pension Service now owns 247,049 shares of the oil and gas exploration company’s stock worth $7,683,000 after buying an additional 10,498 shares in the last quarter. Hancock Holding Co. acquired a new stake in shares of National Oilwell Varco during the first quarter worth $3,125,000. Finally, Canada Pension Plan Investment Board raised its stake in shares of National Oilwell Varco by 21.4% in the first quarter. Canada Pension Plan Investment Board now owns 17,613 shares of the oil and gas exploration company’s stock worth $548,000 after buying an additional 3,100 shares in the last quarter. Institutional investors and hedge funds own 94.09% of the company’s stock.
National Oilwell Varco (NYSE:NOV) traded up 1.16% during midday trading on Tuesday, hitting $36.53. The company had a trading volume of 1,185,984 shares. The firm’s market capitalization is $13.79 billion. The company has a 50 day moving average price of $34.72 and a 200 day moving average price of $33.14. National Oilwell Varco has a 1-year low of $25.74 and a 1-year high of $40.24.
National Oilwell Varco (NYSE:NOV) last issued its earnings results on Thursday, July 28th. The oil and gas exploration company reported ($0.30) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.02. The company earned $1.72 billion during the quarter, compared to analyst estimates of $1.80 billion. National Oilwell Varco had a positive return on equity of 1.83% and a negative net margin of 17.14%. The firm’s quarterly revenue was down 55.9% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS. Equities research analysts forecast that National Oilwell Varco will post ($0.92) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were paid a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. National Oilwell Varco’s dividend payout ratio (DPR) is -4.40%.
A number of equities research analysts have recently weighed in on NOV shares. Jefferies Group reiterated a “hold” rating and issued a $32.00 price objective on shares of National Oilwell Varco in a research report on Monday, August 1st. Citigroup Inc. lowered National Oilwell Varco from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $37.00 to $30.00 in a research report on Monday, October 3rd. Seaport Global Securities restated a “neutral” rating on shares of National Oilwell Varco in a research note on Friday, August 19th. Vetr cut National Oilwell Varco from a “strong-buy” rating to a “buy” rating and set a $40.44 target price for the company. in a research note on Monday, June 27th. Finally, BMO Capital Markets restated a “sell” rating and issued a $25.00 target price on shares of National Oilwell Varco in a research note on Friday, July 29th. Five research analysts have rated the stock with a sell rating, nineteen have given a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $34.70.
In related news, VP Scott K. Duff sold 3,181 shares of the firm’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $33.40, for a total value of $106,245.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is owned by corporate insiders.
National Oilwell Varco Company Profile
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 operates through four segments: Rig Systems, which makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore; Rig Aftermarket, which provides aftermarket products and services to support land and offshore rigs, and drilling rig components manufactured by the Company’s Rig Systems segment; Wellbore Technologies, which sells and rents solids control equipment, and provides solids control, waste management and drilling fluids services, and Completion & Production Solutions, which provides technologies for well completions and oil and gas production.
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