Earnest Partners LLC Has $1.60 Million Holdings in National-Oilwell Varco, Inc. (NOV)
Earnest Partners LLC trimmed its position in shares of National-Oilwell Varco, Inc. (NYSE:NOV) by 8.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,946 shares of the oil and gas exploration company’s stock after selling 3,471 shares during the period. Earnest Partners LLC’s holdings in National-Oilwell Varco were worth $1,603,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. Parnassus Investments CA lifted its stake in shares of National-Oilwell Varco by 48.5% in the 2nd quarter. Parnassus Investments CA now owns 10,325,152 shares of the oil and gas exploration company’s stock worth $448,112,000 after acquiring an additional 3,374,289 shares during the period. Wells Fargo & Company MN lifted its stake in shares of National-Oilwell Varco by 3.1% in the 1st quarter. Wells Fargo & Company MN now owns 5,354,118 shares of the oil and gas exploration company’s stock worth $197,086,000 after acquiring an additional 159,249 shares during the period. Pzena Investment Management LLC acquired a new stake in shares of National-Oilwell Varco in the 2nd quarter worth approximately $191,593,000. Ruffer LLP acquired a new stake in shares of National-Oilwell Varco in the 2nd quarter worth approximately $170,243,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of National-Oilwell Varco by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,484,553 shares of the oil and gas exploration company’s stock worth $151,227,000 after acquiring an additional 28,498 shares during the period. 95.62% of the stock is owned by institutional investors.
In related news, insider Joseph W. Rovig sold 76,436 shares of the stock in a transaction that occurred on Thursday, June 28th. The shares were sold at an average price of $42.94, for a total transaction of $3,282,161.84. Following the completion of the sale, the insider now directly owns 108,427 shares of the company’s stock, valued at $4,655,855.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eric L. Mattson sold 5,284 shares of the stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $45.06, for a total transaction of $238,097.04. Following the sale, the director now directly owns 66,862 shares of the company’s stock, valued at $3,012,801.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 590,995 shares of company stock valued at $27,870,170. Company insiders own 0.79% of the company’s stock.
National-Oilwell Varco (NYSE:NOV) last released its earnings results on Thursday, July 26th. The oil and gas exploration company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.02 by $0.04. National-Oilwell Varco had a negative net margin of 1.09% and a negative return on equity of 0.60%. The business had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2 billion. During the same period in the prior year, the business earned ($0.14) earnings per share. The business’s quarterly revenue was up 19.7% on a year-over-year basis. sell-side analysts expect that National-Oilwell Varco, Inc. will post 0.17 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.45%. The ex-dividend date is Thursday, September 13th. National-Oilwell Varco’s dividend payout ratio is presently -47.62%.
NOV has been the subject of a number of research analyst reports. R. F. Lafferty raised shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and upped their price target for the stock from $41.00 to $51.00 in a research note on Tuesday, August 21st. Citigroup upped their price target on shares of National-Oilwell Varco from $39.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 11th. Argus reaffirmed a “buy” rating and issued a $51.00 price target on shares of National-Oilwell Varco in a research note on Thursday, May 17th. Wells Fargo & Co reaffirmed a “hold” rating on shares of National-Oilwell Varco in a research note on Friday, June 29th. Finally, Edward Jones lowered shares of National-Oilwell Varco from a “buy” rating to a “hold” rating in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $42.24.
National-Oilwell Varco Company Profile
National Oilwell Varco, Inc designs, manufactures, and sells systems and components used in oil and gas drilling and production; and provides oilfield services to the upstream oil and gas industry worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.
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