National Oilwell Varco, Inc. (NOV) Position Increased by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of National Oilwell Varco, Inc. (NYSE:NOV) by 97.2% during the second quarter, Holdings Channel reports. The fund owned 421,540 shares of the oil and gas exploration company’s stock after buying an additional 207,741 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in National Oilwell Varco were worth $13,886,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. FNY Partners Fund LP acquired a new stake in shares of National Oilwell Varco during the first quarter valued at $120,000. Exane Derivatives increased its stake in shares of National Oilwell Varco by 113.8% in the second quarter. Exane Derivatives now owns 3,985 shares of the oil and gas exploration company’s stock valued at $131,000 after buying an additional 2,121 shares during the last quarter. Chicago Partners Investment Group LLC acquired a new stake in shares of National Oilwell Varco during the second quarter valued at $194,000. WMS Partners LLC acquired a new stake in shares of National Oilwell Varco during the first quarter valued at $200,000. Finally, Murphy Pohlad Asset Management LLC acquired a new stake in shares of National Oilwell Varco during the first quarter valued at $203,000. 91.63% of the stock is currently owned by hedge funds and other institutional investors.

National Oilwell Varco, Inc. (NYSE NOV) opened at 30.39 on Wednesday. The firm’s market capitalization is $11.55 billion. The company has a 50 day moving average price of $32.62 and a 200-day moving average price of $35.59. National Oilwell Varco, Inc. has a one year low of $30.14 and a one year high of $43.63.

National Oilwell Varco (NYSE:NOV) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.14). The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.78 billion. National Oilwell Varco had a negative return on equity of 2.12% and a negative net margin of 33.24%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.30) EPS. On average, equities analysts predict that National Oilwell Varco, Inc. will post ($0.40) EPS for the current year.

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NOV has been the topic of several recent analyst reports. Piper Jaffray Companies set a $37.00 target price on National Oilwell Varco and gave the company a “buy” rating in a research note on Thursday, July 27th. Jefferies Group LLC set a $38.00 target price on National Oilwell Varco and gave the company a “hold” rating in a research note on Wednesday, May 31st. ValuEngine raised National Oilwell Varco from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Cowen and Company reaffirmed a “hold” rating and set a $37.00 target price on shares of National Oilwell Varco in a research note on Tuesday, July 11th. Finally, Scotiabank set a $37.00 target price on National Oilwell Varco and gave the company a “hold” rating in a research note on Friday, July 28th. Four analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $38.59.

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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Institutional Ownership by Quarter for National Oilwell Varco (NYSE:NOV)

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