Bank of New York Mellon Corp Sells 1,774,237 Shares of National Oilwell Varco, Inc. (NYSE:NOV)

Bank of New York Mellon Corp decreased its stake in shares of National Oilwell Varco, Inc. (NYSE:NOV) by 32.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,740,930 shares of the oil and gas exploration company’s stock after selling 1,774,237 shares during the quarter. Bank of New York Mellon Corp owned about 0.98% of National Oilwell Varco worth $133,664,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. IHT Wealth Management LLC boosted its position in shares of National Oilwell Varco by 1,923.1% during the second quarter. IHT Wealth Management LLC now owns 526 shares of the oil and gas exploration company’s stock worth $112,000 after acquiring an additional 500 shares during the last quarter. Wrapmanager Inc. bought a new position in shares of National Oilwell Varco during the third quarter worth $202,000. Chicago Partners Investment Group LLC bought a new position in shares of National Oilwell Varco during the second quarter worth $194,000. Smith Salley & Associates bought a new position in shares of National Oilwell Varco during the third quarter worth $214,000. Finally, Lakeview Capital Partners LLC boosted its position in shares of National Oilwell Varco by 2.6% during the second quarter. Lakeview Capital Partners LLC now owns 6,194 shares of the oil and gas exploration company’s stock worth $204,000 after acquiring an additional 155 shares during the last quarter. Hedge funds and other institutional investors own 92.56% of the company’s stock.

A number of equities research analysts recently issued reports on the stock. FBR & Co reaffirmed a “buy” rating and set a $42.00 price target on shares of National Oilwell Varco in a research note on Thursday, August 31st. Loop Capital raised shares of National Oilwell Varco from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Thursday, August 17th. Zacks Investment Research raised shares of National Oilwell Varco from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a research note on Monday, October 9th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $36.00 price target on shares of National Oilwell Varco in a research note on Tuesday, September 26th. Finally, B. Riley reaffirmed a “buy” rating on shares of National Oilwell Varco in a research note on Wednesday, November 1st. Five research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $38.00.

Shares of National Oilwell Varco, Inc. (NYSE:NOV) traded down $0.26 during trading on Thursday, reaching $32.40. 2,722,017 shares of the company’s stock traded hands, compared to its average volume of 3,291,865. 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 one year low of $29.90 and a one year high of $43.63.

National Oilwell Varco (NYSE:NOV) last issued its earnings results on Thursday, October 26th. The oil and gas exploration company reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.01. National Oilwell Varco had a negative net margin of 13.33% and a negative return on equity of 1.41%. The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the prior year, the business earned ($0.34) EPS. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. equities research analysts forecast that National Oilwell Varco, Inc. will post -0.41 earnings per share for the current fiscal year.

The company also recently declared 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 0.62%. The ex-dividend date is Thursday, December 7th. National Oilwell Varco’s dividend payout ratio is currently -8.03%.

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National Oilwell Varco Profile

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.

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

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