Kovitz Investment Group Partners LLC cut its stake in shares of National Oilwell Varco, Inc. (NYSE:NOV) by 5.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,505 shares of the oil and gas exploration company’s stock after selling 990 shares during the period. Kovitz Investment Group Partners LLC’s holdings in National Oilwell Varco were worth $576,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the stock. Global X Management Co. LLC increased its stake in shares of National Oilwell Varco by 28.0% in the second quarter. Global X Management Co. LLC now owns 10,056 shares of the oil and gas exploration company’s stock valued at $331,000 after buying an additional 2,199 shares in the last quarter. Lakeview Capital Partners LLC increased its stake in shares of National Oilwell Varco by 2.6% in the second quarter. Lakeview Capital Partners LLC now owns 6,194 shares of the oil and gas exploration company’s stock valued at $204,000 after buying an additional 155 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new stake in shares of National Oilwell Varco during the second quarter valued at approximately $194,000. Retirement Systems of Alabama increased its stake in shares of National Oilwell Varco by 0.7% in the second quarter. Retirement Systems of Alabama now owns 184,265 shares of the oil and gas exploration company’s stock valued at $6,070,000 after buying an additional 1,197 shares in the last quarter. Finally, Korea Investment CORP increased its stake in shares of National Oilwell Varco by 2,025.9% in the second quarter. Korea Investment CORP now owns 30,805 shares of the oil and gas exploration company’s stock valued at $1,015,000 after buying an additional 29,356 shares in the last quarter. Institutional investors own 91.00% of the company’s stock.

National Oilwell Varco, Inc. (NYSE NOV) opened at 30.81 on Thursday. National Oilwell Varco, Inc. has a 52 week low of $30.29 and a 52 week high of $43.63. The company has a 50 day moving average of $32.79 and a 200 day moving average of $35.87. The stock’s market capitalization is $11.71 billion.

National Oilwell Varco (NYSE:NOV) last released its earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.14). National Oilwell Varco had a negative return on equity of 2.12% and a negative net margin of 33.24%. The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter last year, the firm posted ($0.30) earnings per share. The business’s revenue was up 2.0% compared to the same quarter last year. Equities analysts expect that National Oilwell Varco, Inc. will post ($0.40) EPS for the current fiscal year.

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Several brokerages have recently commented on NOV. SunTrust Banks, Inc. downgraded shares of National Oilwell Varco from a “hold” rating to a “sell” rating and increased their target price for the company from $29.00 to $50.00 in a report on Monday. They noted that the move was a valuation call. BidaskClub upgraded shares of National Oilwell Varco from a “strong sell” rating to a “sell” rating in a report on Saturday, August 5th. Piper Jaffray Companies reiterated a “buy” rating and issued a $36.00 target price on shares of National Oilwell Varco in a report on Thursday, August 3rd. Barclays PLC reiterated a “hold” rating and issued a $38.00 target price on shares of National Oilwell Varco in a report on Wednesday, August 2nd. Finally, Cowen and Company decreased their price objective on shares of National Oilwell Varco from $37.00 to $30.00 and set a “market perform” rating for the company in a report on Wednesday, August 2nd. Four equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. National Oilwell Varco currently has a consensus rating of “Hold” and an average price target of $38.59.

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

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