Hutchinson Capital Management CA Has $15.77 Million Stake in National-Oilwell Varco, Inc. (NOV)
Hutchinson Capital Management CA decreased its holdings in National-Oilwell Varco, Inc. (NYSE:NOV) by 33.1% during the second quarter, HoldingsChannel.com reports. The firm owned 363,408 shares of the oil and gas exploration company’s stock after selling 179,476 shares during the period. National-Oilwell Varco comprises about 4.9% of Hutchinson Capital Management CA’s portfolio, making the stock its 5th biggest holding. Hutchinson Capital Management CA’s holdings in National-Oilwell Varco were worth $15,772,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Quad Cities Investment Group LLC acquired a new position in shares of National-Oilwell Varco in the 2nd quarter valued at about $104,000. Bedel Financial Consulting Inc. acquired a new position in shares of National-Oilwell Varco in the 1st quarter valued at about $152,000. Piedmont Investment Advisors LLC acquired a new position in shares of National-Oilwell Varco in the 2nd quarter valued at about $194,000. Assetmark Inc. increased its holdings in shares of National-Oilwell Varco by 225.5% in the 2nd quarter. Assetmark Inc. now owns 4,551 shares of the oil and gas exploration company’s stock valued at $198,000 after purchasing an additional 3,153 shares during the period. Finally, Wrapmanager Inc. acquired a new position in shares of National-Oilwell Varco in the 1st quarter valued at about $201,000. Institutional investors own 96.48% of the company’s stock.
A number of equities analysts recently commented on NOV shares. Citigroup increased their price objective on National-Oilwell Varco from $39.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, July 11th. Argus restated a “buy” rating and issued a $51.00 price objective on shares of National-Oilwell Varco in a report on Thursday, May 17th. Wells Fargo & Co restated a “hold” rating on shares of National-Oilwell Varco in a report on Friday, June 29th. ValuEngine upgraded National-Oilwell Varco from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Finally, Jefferies Financial Group restated a “hold” rating and issued a $42.00 price objective on shares of National-Oilwell Varco in a report on Monday, July 30th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have assigned a buy rating to the company. National-Oilwell Varco has an average rating of “Hold” and a consensus target price of $41.18.
National-Oilwell Varco (NYSE:NOV) last announced its earnings results on Thursday, July 26th. The oil and gas exploration company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.04. The firm had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2 billion. National-Oilwell Varco had a negative return on equity of 0.60% and a negative net margin of 1.09%. The company’s revenue was up 19.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.14) earnings per share. equities analysts predict that National-Oilwell Varco, Inc. will post 0.17 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.20 dividend on an annualized basis and a yield of 0.46%. National-Oilwell Varco’s payout ratio is currently -47.62%.
In other National-Oilwell Varco news, Director Eric L. Mattson sold 4,338 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $45.65, for a total transaction of $198,029.70. Following the completion of the sale, the director now owns 76,484 shares of the company’s stock, valued at $3,491,494.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Craig L. Weinstock sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 21st. The stock was sold at an average price of $44.03, for a total value of $220,150.00. Following the sale, the vice president now directly owns 46,372 shares of the company’s stock, valued at approximately $2,041,759.16. The disclosure for this sale can be found here. Insiders have sold 579,599 shares of company stock valued at $27,348,405 in the last ninety days. Company insiders own 0.79% of the company’s stock.
National-Oilwell Varco Company Profile
National Oilwell Varco, Inc designs, manufactures, and sells systems and components used in oil and gas drilling and production; and provides oilfield services to the upstream oil and gas industry worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.
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