Industry News

Envestnet Asset Management Inc. Purchases 24,003 Shares of National-Oilwell Varco, Inc. (NYSE:NOV)

By September 14, 2019 No Comments

Envestnet Asset Management Inc. boosted its stake in National-Oilwell Varco, Inc. (NYSE:NOV) by 21.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,001 shares of the oil and gas exploration company’s stock after acquiring an additional 24,003 shares during the period. Envestnet Asset Management Inc.’s holdings in National-Oilwell Varco were worth $3,001,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. DekaBank Deutsche Girozentrale grew its position in National-Oilwell Varco by 17.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 41,610 shares of the oil and gas exploration company’s stock valued at $2,029,000 after buying an additional 6,265 shares in the last quarter. Berman Capital Advisors LLC boosted its position in shares of National-Oilwell Varco by 385.0% during the 2nd quarter. Berman Capital Advisors LLC now owns 1,387 shares of the oil and gas exploration company’s stock valued at $30,000 after purchasing an additional 1,101 shares in the last quarter. Penserra Capital Management LLC boosted its position in shares of National-Oilwell Varco by 292.1% during the 1st quarter. Penserra Capital Management LLC now owns 5,301 shares of the oil and gas exploration company’s stock valued at $140,000 after purchasing an additional 3,949 shares in the last quarter. Lee Danner & Bass Inc. bought a new position in shares of National-Oilwell Varco during the 2nd quarter valued at about $4,268,000. Finally, Edmond DE Rothschild Holding S.A. boosted its holdings in shares of National-Oilwell Varco by 1.5% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,024,180 shares of the oil and gas exploration company’s stock worth $27,284,000 after buying an additional 15,150 shares during the period. 94.27% of the stock is currently owned by institutional investors.

NOV has been the subject of several recent analyst reports. Griffin Securities reiterated a “hold” rating on shares of National-Oilwell Varco in a report on Thursday, August 1st. AltaCorp Capital reiterated an “underperform” rating on shares of National-Oilwell Varco in a report on Thursday, June 20th. Societe Generale upgraded shares of National-Oilwell Varco from a “neutral” rating to a “positive” rating and set a $25.00 target price for the company in a report on Monday, August 12th. Raymond James increased their price target on shares of National-Oilwell Varco from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, Susquehanna Bancshares raised shares of National-Oilwell Varco from a “neutral” rating to a “positive” rating and set a $25.00 price target for the company in a research report on Monday, August 12th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $31.61.

Shares of NYSE NOV opened at $22.81 on Friday. The business has a fifty day moving average of $20.71 and a two-hundred day moving average of $23.53. 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 52-week low of $18.05 and a 52-week high of $46.64. The stock has a market cap of $9.28 billion, a PE ratio of -285.13, a PEG ratio of 62.71 and a beta of 1.31.

National-Oilwell Varco (NYSE:NOV) last released its quarterly earnings results on Monday, July 29th. The oil and gas exploration company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.03. National-Oilwell Varco had a negative return on equity of 0.64% and a negative net margin of 63.23%. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.08 billion. Analysts predict that National-Oilwell Varco, Inc. will post 0.03 earnings per share for the current year.

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 issued a dividend of $0.05 per share. The ex-dividend date is Thursday, September 12th. This represents a $0.20 annualized dividend and a yield of 0.88%. National-Oilwell Varco’s dividend payout ratio is currently -250.00%.

In other National-Oilwell Varco news, Director Eric L. Mattson sold 4,750 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $21.02, for a total value of $99,845.00. Following the sale, the director now owns 64,503 shares in the company, valued at approximately $1,355,853.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph W. Rovig sold 22,640 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $18.37, for a total value of $415,896.80. Following the completion of the transaction, the insider now directly owns 73,867 shares in the company, valued at $1,356,936.79. The disclosure for this sale can be found here. Insiders own 0.92% of the company’s stock.

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

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