National-Oilwell Varco, Inc. (NYSE:NOV) gapped down before the market opened on Friday . The stock had previously closed at $19.74, but opened at $19.32. National-Oilwell Varco shares last traded at $18.71, with a volume of 4,920,074 shares trading hands.
NOV has been the topic of several research analyst reports. Seaport Global Securities raised National-Oilwell Varco from a “sell” rating to a “neutral” rating in a report on Wednesday, July 31st. Susquehanna Bancshares raised National-Oilwell Varco from a “neutral” rating to a “positive” rating and set a $25.00 price target on the stock in a report on Monday, August 12th. Piper Jaffray Companies set a $25.00 price target on National-Oilwell Varco and gave the company a “buy” rating in a report on Monday, July 1st. Raymond James increased their price target on National-Oilwell Varco from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Finally, Cowen reissued a “market perform” rating and set a $27.00 price target (up from $25.00) on shares of National-Oilwell Varco in a report on Wednesday, July 31st. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $33.79.
The company has a current ratio of 3.05, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $7.29 billion, a PE ratio of -233.88 and a beta of 1.30. The firm has a 50 day moving average price of $20.97 and a 200 day moving average price of $24.36.
National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings results on Monday, July 29th. The oil and gas exploration company reported ($0.04) earnings per share (EPS) for the quarter, topping 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 analyst estimates of $2.08 billion. On average, equities research analysts expect that National-Oilwell Varco, Inc. will post -0.02 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.07%. National-Oilwell Varco’s payout ratio is presently -250.00%.
In other National-Oilwell Varco news, insider Joseph W. Rovig sold 22,640 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $18.37, for a total value of $415,896.80. Following the completion of the sale, the insider now owns 73,867 shares in the company, valued at approximately $1,356,936.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eric L. Mattson sold 4,750 shares of the stock in a transaction 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 completion of the sale, the director now owns 64,503 shares of the company’s stock, valued at approximately $1,355,853.06. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of National-Oilwell Varco by 1.1% during the 2nd quarter. Vanguard Group Inc. now owns 42,639,578 shares of the oil and gas exploration company’s stock valued at $947,879,000 after purchasing an additional 446,467 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of National-Oilwell Varco by 1.9% in the 2nd quarter. BlackRock Inc. now owns 26,346,681 shares of the oil and gas exploration company’s stock valued at $585,686,000 after acquiring an additional 488,523 shares during the last quarter. Pzena Investment Management LLC lifted its holdings in shares of National-Oilwell Varco by 45.9% in the 2nd quarter. Pzena Investment Management LLC now owns 24,225,557 shares of the oil and gas exploration company’s stock valued at $538,534,000 after acquiring an additional 7,616,881 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of National-Oilwell Varco by 9.3% in the 1st quarter. Clearbridge Investments LLC now owns 11,227,988 shares of the oil and gas exploration company’s stock valued at $299,114,000 after acquiring an additional 958,131 shares during the last quarter. Finally, Parnassus Investments CA lifted its holdings in shares of National-Oilwell Varco by 0.7% in the 1st quarter. Parnassus Investments CA now owns 11,107,784 shares of the oil and gas exploration company’s stock valued at $295,911,000 after acquiring an additional 73,441 shares during the last quarter. Institutional investors and hedge funds own 94.99% of the company’s stock.
About National-Oilwell Varco (NYSE:NOV)
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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