Wellington Management Group LLP boosted its stake in National Oilwell Varco, Inc. (NYSE:NOV) by 15.7% during the first quarter, Holdings Channel reports. The fund owned 50,171 shares of the oil and gas exploration company’s stock after buying an additional 6,812 shares during the period. Wellington Management Group LLP’s holdings in National Oilwell Varco were worth $2,011,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its position in National Oilwell Varco by 6.8% in the first quarter. Quadrant Capital Group LLC now owns 3,214 shares of the oil and gas exploration company’s stock valued at $122,000 after buying an additional 205 shares during the last quarter. WMS Partners LLC purchased a new position in National Oilwell Varco during the first quarter valued at about $200,000. Tiedemann Wealth Management LLC purchased a new position in National Oilwell Varco during the first quarter valued at about $203,000. Murphy Pohlad Asset Management LLC purchased a new position in National Oilwell Varco during the first quarter valued at about $203,000. Finally, Trust Co. of Oklahoma purchased a new position in National Oilwell Varco during the first quarter valued at about $204,000. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Shares of National Oilwell Varco, Inc. (NOV) opened at 33.98 on Tuesday. The stock’s market capitalization is $12.91 billion. The firm’s 50-day moving average is $33.20 and its 200 day moving average is $36.96. National Oilwell Varco, Inc. has a 12-month low of $29.79 and a 12-month high of $43.63.

National Oilwell Varco (NYSE:NOV) last announced its earnings results on Wednesday, April 26th. The oil and gas exploration company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.67 billion. National Oilwell Varco had a negative return on equity of 2.44% and a negative net margin of 35.50%. The business’s revenue for the quarter was down 20.5% on a year-over-year basis. During the same period last year, the firm posted ($0.06) earnings per share. On average, equities research analysts forecast that National Oilwell Varco, Inc. will post ($0.40) EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 16th were given a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $0.20 annualized dividend and a yield of 0.59%. National Oilwell Varco’s payout ratio is -3.12%.

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Several research analysts have issued reports on the stock. ValuEngine upgraded shares of National Oilwell Varco from a “sell” rating to a “hold” rating in a report on Tuesday, July 11th. Wells Fargo & Company restated a “market perform” rating on shares of National Oilwell Varco in a report on Monday, July 10th. Zacks Investment Research lowered shares of National Oilwell Varco from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Cowen and Company restated a “hold” rating and set a $37.00 price target on shares of National Oilwell Varco in a report on Tuesday, July 11th. Finally, BidaskClub upgraded shares of National Oilwell Varco from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Four investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $39.35.

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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