National Oilwell Varco (NOV) Shares Gap Down to $37.98

National Oilwell Varco (NYSE:NOV)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $37.22, but opened at $37.98. National Oilwell Varco shares last traded at $37.02, with a volume of 2452217 shares traded.

NOV has been the topic of a number of analyst reports. Royal Bank of Canada set a $37.00 target price on shares of National Oilwell Varco and gave the stock a “hold” rating in a research note on Thursday, December 21st. Piper Jaffray reissued a “buy” rating and issued a $34.00 price target on shares of National Oilwell Varco in a research note on Thursday, December 21st. ValuEngine raised shares of National Oilwell Varco from a “sell” rating to a “hold” rating in a research note on Wednesday, January 3rd. B. Riley set a $42.00 price target on shares of National Oilwell Varco and gave the company a “buy” rating in a research note on Friday, January 19th. Finally, TheStreet raised shares of National Oilwell Varco from a “d+” rating to a “c” rating in a research note on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $36.38.

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The company has a current ratio of 3.07, a quick ratio of 1.79 and a debt-to-equity ratio of 0.19. The firm has a market cap of $15,555.48, a price-to-earnings ratio of -89.29, a P/E/G ratio of 26.57 and a beta of 0.80.

National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings data on Monday, February 5th. The oil and gas exploration company reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). The firm had revenue of $1.97 billion during the quarter. National Oilwell Varco had a negative net margin of 3.24% and a negative return on equity of 1.10%. During the same quarter last year, the firm posted ($0.15) EPS. research analysts forecast that National Oilwell Varco will post 0.26 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Friday, March 16th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Thursday, March 15th. National Oilwell Varco’s dividend payout ratio (DPR) is currently -47.62%.

In related news, VP Scott K. Duff sold 7,421 shares of National Oilwell Varco stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $35.66, for a total value of $264,632.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.79% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. D.A. Davidson & CO. grew its holdings in National Oilwell Varco by 4.3% during the 4th quarter. D.A. Davidson & CO. now owns 46,509 shares of the oil and gas exploration company’s stock worth $1,675,000 after acquiring an additional 1,901 shares in the last quarter. Wetherby Asset Management Inc. grew its holdings in National Oilwell Varco by 13.6% during the 4th quarter. Wetherby Asset Management Inc. now owns 17,406 shares of the oil and gas exploration company’s stock worth $627,000 after acquiring an additional 2,082 shares in the last quarter. Norinchukin Bank The grew its holdings in National Oilwell Varco by 7.4% during the 4th quarter. Norinchukin Bank The now owns 30,384 shares of the oil and gas exploration company’s stock worth $1,094,000 after acquiring an additional 2,098 shares in the last quarter. First Allied Advisory Services Inc. grew its holdings in National Oilwell Varco by 6.6% during the 4th quarter. First Allied Advisory Services Inc. now owns 38,615 shares of the oil and gas exploration company’s stock worth $1,390,000 after acquiring an additional 2,391 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado grew its holdings in National Oilwell Varco by 3.5% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 72,188 shares of the oil and gas exploration company’s stock worth $2,600,000 after acquiring an additional 2,424 shares in the last quarter. Institutional investors own 93.51% of the company’s stock.

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About National Oilwell Varco

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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