Prudential Financial Inc. Acquires 1,600 Shares of National-Oilwell Varco, Inc. (NYSE:NOV)
Prudential Financial Inc. raised its holdings in National-Oilwell Varco, Inc. (NYSE:NOV) by 0.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 350,121 shares of the oil and gas exploration company’s stock after acquiring an additional 1,600 shares during the quarter. Prudential Financial Inc. owned about 0.09% of National-Oilwell Varco worth $7,783,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Northwestern Mutual Investment Management Company LLC lifted its position in shares of National-Oilwell Varco by 0.9% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 58,266 shares of the oil and gas exploration company’s stock worth $1,552,000 after buying an additional 520 shares during the last quarter. Securian Asset Management Inc raised its stake in shares of National-Oilwell Varco by 1.4% in the 2nd quarter. Securian Asset Management Inc now owns 39,714 shares of the oil and gas exploration company’s stock valued at $883,000 after acquiring an additional 553 shares in the last quarter. Alps Advisors Inc. lifted its holdings in National-Oilwell Varco by 2.1% in the 2nd quarter. Alps Advisors Inc. now owns 27,402 shares of the oil and gas exploration company’s stock worth $609,000 after purchasing an additional 558 shares during the last quarter. Heartland Advisors Inc. lifted its holdings in National-Oilwell Varco by 2.2% in the 2nd quarter. Heartland Advisors Inc. now owns 26,669 shares of the oil and gas exploration company’s stock worth $593,000 after purchasing an additional 570 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in National-Oilwell Varco by 33.6% during the first quarter. Parallel Advisors LLC now owns 2,334 shares of the oil and gas exploration company’s stock worth $62,000 after purchasing an additional 587 shares during the period. Hedge funds and other institutional investors own 94.27% of the company’s stock.
Several brokerages have commented on NOV. ValuEngine upgraded National-Oilwell Varco from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Bank of America restated an “underperform” rating and issued a $20.00 price objective (down from $26.00) on shares of National-Oilwell Varco in a research note on Tuesday, June 25th. Societe Generale raised shares of National-Oilwell Varco from a “neutral” rating to a “positive” rating and set a $25.00 price objective for the company in a report on Monday, August 12th. Jefferies Financial Group upgraded shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and raised their target price for the company from $23.00 to $25.00 in a research note on Thursday, September 5th. Finally, Zacks Investment Research lowered shares of National-Oilwell Varco from a “hold” rating to a “strong sell” rating in a research note on Monday, May 20th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.22.
Shares of NYSE:NOV traded up $0.38 on Wednesday, hitting $24.12. 134,938 shares of the company were exchanged, compared to its average volume of 3,886,305. The company’s 50 day moving average price is $20.65 and its two-hundred day moving average price is $23.58. The firm has a market capitalization of $9.25 billion, a price-to-earnings ratio of -298.81 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.76 and a current ratio of 3.05. National-Oilwell Varco, Inc. has a one year low of $18.05 and a one year high of $46.64.
National-Oilwell Varco (NYSE:NOV) last released its earnings results on Monday, July 29th. The oil and gas exploration company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. National-Oilwell Varco had a negative net margin of 63.23% and a negative return on equity of 0.64%. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.08 billion.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.05 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.83%. National-Oilwell Varco’s dividend payout ratio is currently -250.00%.
About National-Oilwell Varco
National Oilwell Varco, Inc designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The Wellbore Technologies segment offers various equipment and technologies used to perform drilling operations.
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