Patton Albertson Miller Group LLC cut its position in shares of National Oilwell Varco, Inc. (NYSE:NOV) by 6.7% during the second quarter, Holdings Channel reports. The institutional investor owned 29,129 shares of the oil and gas exploration company’s stock after selling 2,093 shares during the period. Patton Albertson Miller Group LLC’s holdings in National Oilwell Varco were worth $932,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of National Oilwell Varco by 3,189.2% in the first quarter. BlackRock Inc. now owns 24,841,300 shares of the oil and gas exploration company’s stock worth $995,890,000 after buying an additional 24,086,060 shares in the last quarter. FMR LLC raised its position in shares of National Oilwell Varco by 35.3% in the first quarter. FMR LLC now owns 9,054,139 shares of the oil and gas exploration company’s stock worth $362,980,000 after buying an additional 2,363,202 shares in the last quarter. Schroder Investment Management Group raised its position in shares of National Oilwell Varco by 37,171.5% in the first quarter. Schroder Investment Management Group now owns 1,515,460 shares of the oil and gas exploration company’s stock worth $60,723,000 after buying an additional 1,511,394 shares in the last quarter. Morgan Stanley raised its position in shares of National Oilwell Varco by 36.3% in the first quarter. Morgan Stanley now owns 4,218,392 shares of the oil and gas exploration company’s stock worth $169,114,000 after buying an additional 1,124,578 shares in the last quarter. Finally, Harris Associates L P raised its position in shares of National Oilwell Varco by 7.2% in the first quarter. Harris Associates L P now owns 16,017,269 shares of the oil and gas exploration company’s stock worth $642,133,000 after buying an additional 1,080,775 shares in the last quarter. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

National Oilwell Varco, Inc. (NYSE:NOV) opened at 30.35 on Friday. National Oilwell Varco, Inc. has a one year low of $30.29 and a one year high of $43.63. The firm has a 50-day moving average price of $32.74 and a 200-day moving average price of $35.83. The firm’s market cap is $11.53 billion.

National Oilwell Varco (NYSE:NOV) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.14). National Oilwell Varco had a negative return on equity of 2.12% and a negative net margin of 33.24%. The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the company posted ($0.30) earnings per share. The company’s revenue was up 2.0% compared to the same quarter last year. On average, equities analysts expect that National Oilwell Varco, Inc. will post ($0.40) EPS for the current fiscal year.

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A number of research analysts have commented on NOV shares. ValuEngine raised National Oilwell Varco from a “sell” rating to a “hold” rating in a report on Tuesday, July 11th. Zacks Investment Research lowered National Oilwell Varco from a “hold” rating to a “sell” rating in a report on Tuesday, April 18th. BMO Capital Markets reaffirmed a “sell” rating and issued a $30.00 price objective on shares of National Oilwell Varco in a report on Thursday, June 22nd. Morgan Stanley reaffirmed an “overweight” rating and issued a $50.00 price objective (down from $60.00) on shares of National Oilwell Varco in a report on Wednesday, June 21st. Finally, Piper Jaffray Companies upgraded National Oilwell Varco from a “neutral” rating to an “overweight” rating and upped their target price for the company from $36.00 to $37.00 in a research report on Tuesday, June 20th. Four research analysts have rated the stock with a sell rating, nineteen have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $38.59.

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.

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

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