National Oilwell Varco, Inc. (NOV) Position Raised by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its position in shares of National Oilwell Varco, Inc. (NYSE:NOV) by 12.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,483,160 shares of the oil and gas exploration company’s stock after purchasing an additional 508,656 shares during the period. Wells Fargo & Company MN owned approximately 1.18% of National Oilwell Varco worth $147,675,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NOV. BlackRock Inc. grew its holdings in National Oilwell Varco by 3,189.2% during the 1st quarter. BlackRock Inc. now owns 24,841,300 shares of the oil and gas exploration company’s stock valued at $995,890,000 after purchasing an additional 24,086,060 shares in the last quarter. FMR LLC grew its holdings in National Oilwell Varco by 35.3% during the 1st quarter. FMR LLC now owns 9,054,139 shares of the oil and gas exploration company’s stock valued at $362,980,000 after purchasing an additional 2,363,202 shares in the last quarter. Schroder Investment Management Group grew its holdings in National Oilwell Varco by 37,171.5% during the 1st quarter. Schroder Investment Management Group now owns 1,515,460 shares of the oil and gas exploration company’s stock valued at $60,723,000 after purchasing an additional 1,511,394 shares in the last quarter. American Century Companies Inc. grew its holdings in National Oilwell Varco by 33.6% during the 2nd quarter. American Century Companies Inc. now owns 5,924,558 shares of the oil and gas exploration company’s stock valued at $195,155,000 after purchasing an additional 1,491,359 shares in the last quarter. Finally, Morgan Stanley grew its holdings in National Oilwell Varco by 36.3% during the 1st quarter. Morgan Stanley now owns 4,218,392 shares of the oil and gas exploration company’s stock valued at $169,114,000 after purchasing an additional 1,124,578 shares in the last quarter. 90.32% of the stock is owned by institutional investors and hedge funds.

A number of research firms recently weighed in on NOV. BidaskClub raised shares of National Oilwell Varco from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Piper Jaffray Companies set a $37.00 price objective on shares of National Oilwell Varco and gave the company a “buy” rating in a research note on Thursday, July 27th. Scotiabank set a $37.00 price objective on shares of National Oilwell Varco and gave the company a “hold” rating in a research note on Friday, July 28th. SunTrust Banks, Inc. downgraded shares of National Oilwell Varco from a “hold” rating to a “sell” rating and increased their price objective for the company from $29.00 to $50.00 in a research note on Monday, August 7th. They noted that the move was a valuation call. Finally, Morgan Stanley reiterated an “overweight” rating and set a $50.00 price objective (down from $60.00) on shares of National Oilwell Varco in a research note on Wednesday, June 21st. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $38.82.

Shares of National Oilwell Varco, Inc. (NOV) opened at 31.75 on Friday. The firm’s market cap is $12.07 billion. The company has a 50 day moving average of $31.43 and a 200-day moving average of $34.63. National Oilwell Varco, Inc. has a 12-month low of $29.90 and a 12-month high of $43.63.

National Oilwell Varco (NYSE:NOV) last issued its earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.14). National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the company earned ($0.30) EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities research analysts forecast that National Oilwell Varco, Inc. will post ($0.40) EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.20 annualized dividend and a dividend yield of 0.63%. National Oilwell Varco’s dividend payout ratio is presently -3.31%.

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

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