The Convergence Investment Partners LLC Sells 55,041 Shares of National Oilwell Varco, Inc. (NOV)

The Convergence Investment Partners LLC Sells 55,041 Shares of National Oilwell Varco, Inc. (NOV)

Convergence Investment Partners LLC lowered its stake in National Oilwell Varco, Inc. (NYSE:NOV) by 81.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,566 shares of the oil and gas exploration company’s stock after selling 55,041 shares during the period. Convergence Investment Partners LLC’s holdings in National Oilwell Varco were worth $462,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. BOKF NA raised its position in shares of National Oilwell Varco by 19.2% in the third quarter. BOKF NA now owns 35,018 shares of the oil and gas exploration company’s stock worth $1,287,000 after buying an additional 5,638 shares in the last quarter. Stephens Inc. AR raised its position in shares of National Oilwell Varco by 0.5% in the third quarter. Stephens Inc. AR now owns 79,337 shares of the oil and gas exploration company’s stock worth $2,915,000 after buying an additional 426 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of National Oilwell Varco by 6.9% in the third quarter. Pacer Advisors Inc. now owns 7,179 shares of the oil and gas exploration company’s stock worth $264,000 after buying an additional 461 shares in the last quarter. Riverhead Capital Management LLC raised its position in shares of National Oilwell Varco by 337.8% in the third quarter. Riverhead Capital Management LLC now owns 123,057 shares of the oil and gas exploration company’s stock worth $4,521,000 after buying an additional 94,952 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of National Oilwell Varco by 1.2% in the third quarter. Principal Financial Group Inc. now owns 583,805 shares of the oil and gas exploration company’s stock worth $21,449,000 after buying an additional 6,666 shares in the last quarter. Institutional investors and hedge funds own 92.16% of the company’s stock.

Shares of National Oilwell Varco, Inc. (NYSE:NOV) traded down 0.66% during midday trading on Wednesday, hitting $37.42. 3,467,047 shares of the stock traded hands. The firm’s 50 day moving average price is $38.61 and its 200 day moving average price is $35.23. National Oilwell Varco, Inc. has a 12-month low of $25.74 and a 12-month high of $43.63. The company’s market capitalization is $14.13 billion.

National Oilwell Varco (NYSE:NOV) last released its quarterly earnings data on Thursday, October 27th. The oil and gas exploration company reported ($0.34) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by $0.06. National Oilwell Varco had a negative net margin of 38.90% and a negative return on equity of 0.71%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm earned $0.61 EPS. The company’s revenue for the quarter was down 4.5% on a year-over-year basis. Analysts expect that National Oilwell Varco, Inc. will post ($1.00) EPS for the current year.

A number of equities analysts recently issued reports on NOV shares. Citigroup Inc. lowered shares of National Oilwell Varco from a “neutral” rating to a “sell” rating and decreased their target price for the company from $37.00 to $30.00 in a research report on Monday, October 3rd. Zacks Investment Research lowered shares of National Oilwell Varco from a “buy” rating to a “hold” rating in a research report on Tuesday, October 18th. Johnson Rice lowered shares of National Oilwell Varco from a “buy” rating to a “hold” rating in a research report on Friday, December 9th. Societe Generale upgraded shares of National Oilwell Varco from a “sell” rating to a “hold” rating and increased their target price for the company from $32.10 to $35.00 in a research report on Monday, October 31st. Finally, RBC Capital Markets reiterated a “hold” rating and issued a $47.00 target price on shares of National Oilwell Varco in a research report on Friday, January 6th. Four analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and five have issued a buy rating to the company. National Oilwell Varco currently has an average rating of “Hold” and a consensus price target of $34.56.

National Oilwell Varco Company Profile

National Oilwell Varco, Inc (NOV) is engaged in providing design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations. The Company operates through four segments: Rig Systems, which makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore; Rig Aftermarket, which provides aftermarket products and services to support land and offshore rigs, and drilling rig components manufactured by the Company’s Rig Systems segment; Wellbore Technologies, which sells and rents solids control equipment, and provides solids control, waste management and drilling fluids services, and Completion & Production Solutions, which provides technologies for well completions and oil and gas production.

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