Contrarius Investment Management Ltd Boosts Position in National Oilwell Varco, Inc. (NOV)
Contrarius Investment Management Ltd boosted its holdings in shares of National Oilwell Varco, Inc. (NYSE:NOV) by 16.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,103,081 shares of the oil and gas exploration company’s stock after acquiring an additional 436,812 shares during the quarter. National Oilwell Varco accounts for 6.5% of Contrarius Investment Management Ltd’s portfolio, making the stock its 2nd biggest holding. Contrarius Investment Management Ltd owned about 0.82% of National Oilwell Varco worth $110,873,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Ameriprise Financial Inc. boosted its holdings in National Oilwell Varco by 15.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 292,772 shares of the oil and gas exploration company’s stock valued at $10,461,000 after acquiring an additional 38,506 shares during the period. Ninepoint Partners LP purchased a new position in National Oilwell Varco during the 3rd quarter valued at $411,000. Quantbot Technologies LP purchased a new position in National Oilwell Varco during the 3rd quarter valued at $386,000. IBM Retirement Fund purchased a new position in National Oilwell Varco during the 3rd quarter valued at $200,000. Finally, Bedrijfstakpensioenfonds Voor DE Media PNO boosted its holdings in National Oilwell Varco by 17.1% during the 3rd quarter. Bedrijfstakpensioenfonds Voor DE Media PNO now owns 41,176 shares of the oil and gas exploration company’s stock valued at $1,471,000 after acquiring an additional 6,004 shares during the period. Institutional investors own 90.16% of the company’s stock.
Shares of National Oilwell Varco, Inc. (NYSE:NOV) traded down $0.43 during mid-day trading on Friday, hitting $31.51. The stock had a trading volume of 3,152,400 shares, compared to its average volume of 3,327,059. The company has a current ratio of 2.75, a quick ratio of 1.62 and a debt-to-equity ratio of 0.19. National Oilwell Varco, Inc. has a fifty-two week low of $29.90 and a fifty-two week high of $43.63.
National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings data on Thursday, October 26th. The oil and gas exploration company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates 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 was up 11.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.34) earnings per share. research analysts anticipate that National Oilwell Varco, Inc. will post -0.41 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 22nd. Stockholders of record on Friday, December 8th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.63%. National Oilwell Varco’s dividend payout ratio is presently -8.06%.
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Several equities research analysts have weighed in on NOV shares. Scotiabank set a $37.00 target price on National Oilwell Varco and gave the stock a “hold” rating in a report on Friday, October 27th. FBR & Co reiterated a “buy” rating and issued a $42.00 target price on shares of National Oilwell Varco in a report on Thursday, August 31st. Royal Bank Of Canada reiterated a “hold” rating on shares of National Oilwell Varco in a report on Friday, September 1st. Zacks Investment Research cut National Oilwell Varco from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Finally, UBS AG reiterated a “neutral” rating and issued a $37.00 target price (down from $38.00) on shares of National Oilwell Varco in a report on Monday, July 31st. Six research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $37.83.
About National Oilwell Varco
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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