Citizens Financial Group Inc. RI decreased its holdings in shares of National Oilwell Varco, Inc. (NYSE:NOV) by 3.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 121,276 shares of the oil and gas exploration company’s stock after selling 4,815 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in National Oilwell Varco were worth $4,333,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of NOV. IHT Wealth Management LLC increased its stake in shares of National Oilwell Varco by 1,923.1% in the second quarter. IHT Wealth Management LLC now owns 526 shares of the oil and gas exploration company’s stock valued at $112,000 after buying an additional 500 shares during the period. IBM Retirement Fund acquired a new position in shares of National Oilwell Varco in the third quarter valued at approximately $200,000. Wrapmanager Inc. acquired a new position in shares of National Oilwell Varco in the third quarter valued at approximately $202,000. Chicago Partners Investment Group LLC acquired a new position in shares of National Oilwell Varco in the second quarter valued at approximately $194,000. Finally, Smith Salley & Associates acquired a new position in shares of National Oilwell Varco in the third quarter valued at approximately $214,000. 92.56% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on the company. Jefferies Group set a $34.00 price objective on National Oilwell Varco and gave the company a “hold” rating in a research note on Thursday, October 5th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $36.00 price objective on shares of National Oilwell Varco in a research note on Tuesday, September 26th. Deutsche Bank assumed coverage on National Oilwell Varco in a research note on Tuesday, October 10th. They issued a “hold” rating and a $39.00 price objective for the company. Citigroup upped their price objective on National Oilwell Varco from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, October 5th. Finally, ValuEngine raised National Oilwell Varco from a “sell” rating to a “hold” rating in a research note on Wednesday, September 20th. Five research analysts have rated the stock with a sell rating, twenty have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $38.00.
National Oilwell Varco (NYSE:NOV) last posted its quarterly earnings results on Thursday, October 26th. The oil and gas exploration company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.86 billion. National Oilwell Varco had a negative return on equity of 1.41% and a negative net margin of 13.33%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.34) EPS. sell-side analysts forecast that National Oilwell Varco, Inc. will post -0.41 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 22nd. Shareholders of record on Friday, December 8th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Thursday, December 7th. National Oilwell Varco’s payout ratio is -8.03%.
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National Oilwell Varco Company Profile
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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