BlackRock Inc. Has $829.95 Million Position in National Oilwell Varco, Inc. (NOV)
BlackRock Inc. boosted its stake in shares of National Oilwell Varco, Inc. (NYSE:NOV) by 1.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,195,874 shares of the oil and gas exploration company’s stock after purchasing an additional 354,574 shares during the period. BlackRock Inc. owned about 6.63% of National Oilwell Varco worth $829,954,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOV. FNY Partners Fund LP purchased a new position in National Oilwell Varco during the first quarter valued at $120,000. Exane Derivatives lifted its position in National Oilwell Varco by 113.8% during 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 purchased a new position in National Oilwell Varco during the second quarter valued at $194,000. WMS Partners LLC purchased a new position in National Oilwell Varco during the first quarter valued at $200,000. Finally, Tiedemann Wealth Management LLC purchased a new position in National Oilwell Varco during the first quarter valued at $203,000. Institutional investors own 90.29% of the company’s stock.
NOV has been the topic of several analyst reports. Jefferies Group LLC set a $38.00 target price on National Oilwell Varco and gave the company a “hold” rating in a research report on Wednesday, May 31st. ValuEngine cut National Oilwell Varco from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Piper Jaffray Companies raised National Oilwell Varco from a “neutral” rating to an “overweight” rating and raised their price target for the company from $36.00 to $37.00 in a report on Tuesday, June 20th. Morgan Stanley reissued an “overweight” rating and set a $50.00 price target (down from $60.00) on shares of National Oilwell Varco in a report on Wednesday, June 21st. Finally, BMO Capital Markets reissued a “sell” rating and set a $30.00 price target on shares of National Oilwell Varco in a report on Thursday, June 22nd. Four equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. National Oilwell Varco currently has an average rating of “Hold” and a consensus price target of $38.82.
National Oilwell Varco, Inc. (NYSE NOV) opened at 35.18 on Wednesday. The company has a 50-day moving average of $31.57 and a 200-day moving average of $34.23. The company’s market cap is $13.37 billion. National Oilwell Varco, Inc. has a 52 week low of $29.90 and a 52 week high of $43.63.
National Oilwell Varco (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.14). National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter last year, the company posted ($0.30) EPS. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. On average, equities research analysts predict that National Oilwell Varco, Inc. will post ($0.40) EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.05 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.20 annualized dividend and a yield of 0.57%. National Oilwell Varco’s dividend payout ratio is presently -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.
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