National-Oilwell Varco (NYSE:NOV) Shares Gap Down on Insider Selling

National-Oilwell Varco, Inc. (NYSE:NOV) gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $21.85, but opened at $21.31. National-Oilwell Varco shares last traded at $20.59, with a volume of 5,063,353 shares.

Specifically, Director Eric L. Mattson sold 4,750 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $21.02, for a total transaction of $99,845.00. Following the completion of the sale, the director now directly owns 64,503 shares of the company’s stock, valued at approximately $1,355,853.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.92% of the stock is owned by company insiders.

A number of research firms have recently weighed in on NOV. Barclays cut their price target on National-Oilwell Varco from $32.00 to $28.00 and set an “equal weight” rating for the company in a research note on Monday, April 15th. Johnson Rice downgraded National-Oilwell Varco from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a research note on Monday, July 15th. Citigroup raised National-Oilwell Varco from a “neutral” rating to a “buy” rating and raised their price target for the stock from $23.00 to $28.00 in a research note on Wednesday, July 31st. Seaport Global Securities raised National-Oilwell Varco from a “sell” rating to a “neutral” rating in a research note on Wednesday, July 31st. Finally, Zacks Investment Research downgraded National-Oilwell Varco from a “hold” rating to a “strong sell” rating in a research note on Monday, May 20th. Five analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $35.08.

The company has a current ratio of 3.05, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $8.52 billion, a price-to-earnings ratio of -257.38 and a beta of 1.30. The company’s fifty day moving average price is $21.69.

National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Monday, July 29th. The oil and gas exploration company reported ($0.04) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.03. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. National-Oilwell Varco had a negative return on equity of 0.64% and a negative net margin of 63.23%. On average, analysts forecast that National-Oilwell Varco, Inc. will post -0.04 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NOV. Pzena Investment Management LLC grew its holdings in National-Oilwell Varco by 45.9% in the 2nd quarter. Pzena Investment Management LLC now owns 24,225,557 shares of the oil and gas exploration company’s stock valued at $538,534,000 after buying an additional 7,616,881 shares during the last quarter. Wells Fargo & Company MN grew its holdings in National-Oilwell Varco by 38.7% in the 2nd quarter. Wells Fargo & Company MN now owns 5,419,580 shares of the oil and gas exploration company’s stock valued at $120,478,000 after buying an additional 1,510,803 shares during the last quarter. Marathon Asset Management LLP grew its holdings in National-Oilwell Varco by 94.5% in the 2nd quarter. Marathon Asset Management LLP now owns 2,151,888 shares of the oil and gas exploration company’s stock valued at $47,834,000 after buying an additional 1,045,513 shares during the last quarter. Ruffer LLP grew its holdings in National-Oilwell Varco by 16.0% in the 1st quarter. Ruffer LLP now owns 7,019,547 shares of the oil and gas exploration company’s stock valued at $187,035,000 after buying an additional 970,362 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in National-Oilwell Varco by 9.3% in the 1st quarter. Clearbridge Investments LLC now owns 11,227,988 shares of the oil and gas exploration company’s stock valued at $299,114,000 after buying an additional 958,131 shares during the last quarter. 92.90% of the stock is currently owned by hedge funds and other institutional investors.

National-Oilwell Varco Company Profile (NYSE:NOV)

National Oilwell Varco, Inc designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The Wellbore Technologies segment offers various equipment and technologies used to perform drilling operations.

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