National Oilwell Varco (NOV) Stock Price Up 4.3%
National Oilwell Varco (NYSE:NOV) shares rose 4.3% during trading on Wednesday . The company traded as high as $33.28 and last traded at $33.27, with a volume of 2,137,801 shares traded. The stock had previously closed at $31.91.
NOV has been the topic of a number of recent analyst reports. Jefferies Group restated a “hold” rating and issued a $30.00 price target (up previously from $27.00) on shares of National Oilwell Varco in a research report on Tuesday, May 24th. Vetr cut National Oilwell Varco from a “strong-buy” rating to a “buy” rating and set a $35.67 price target on the stock. in a research report on Wednesday, May 25th. Credit Suisse Group AG restated a “sell” rating on shares of National Oilwell Varco in a research report on Thursday, June 2nd. Bank of America Corp. restated an “underperform” rating on shares of National Oilwell Varco in a research report on Monday, June 13th. Finally, Zacks Investment Research upgraded National Oilwell Varco from a “sell” rating to a “hold” rating in a research report on Monday, June 13th. Four research analysts have rated the stock with a sell rating, twenty have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $34.98.
The company’s market cap is $12.67 billion. The stock’s 50-day moving average is $33.90 and its 200 day moving average is $32.66.
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National Oilwell Varco (NYSE:NOV) last released its quarterly earnings data on Thursday, July 28th. The oil and gas exploration company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.02. National Oilwell Varco had a positive return on equity of 1.83% and a negative net margin of 17.14%. The business earned $1.72 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter last year, the business posted $0.77 EPS. The business’s revenue was down 55.9% on a year-over-year basis. Equities analysts forecast that National Oilwell Varco will post ($0.92) EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend is Wednesday, September 14th. National Oilwell Varco’s dividend payout ratio (DPR) is currently -4.40%.
In other National Oilwell Varco news, VP Scott K. Duff sold 3,181 shares of the stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $33.40, for a total value of $106,245.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in shares of National Oilwell Varco during the fourth quarter valued at about $113,809,000. Chevy Chase Trust Holdings Inc. raised its position in shares of National Oilwell Varco by 2.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 320,833 shares of the oil and gas exploration company’s stock valued at $9,978,000 after buying an additional 8,094 shares in the last quarter. DnB Asset Management AS raised its position in shares of National Oilwell Varco by 44.1% in the first quarter. DnB Asset Management AS now owns 33,645 shares of the oil and gas exploration company’s stock valued at $1,046,000 after buying an additional 10,300 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of National Oilwell Varco by 10.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 91,912 shares of the oil and gas exploration company’s stock valued at $2,858,000 after buying an additional 8,991 shares in the last quarter. Finally, Exxonmobil Investment Management Inc. TX raised its position in shares of National Oilwell Varco by 8.6% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 91,498 shares of the oil and gas exploration company’s stock valued at $2,846,000 after buying an additional 7,277 shares in the last quarter. 94.11% of the stock is owned by hedge funds and other institutional investors.
About National Oilwell Varco
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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