Cadence Capital Management buys $13,794,320 stake in National-Oilwell Varco (NOV)

National-Oilwell Varco (NOV) : Cadence Capital Management scooped up 15,762 additional shares in National-Oilwell Varco during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 2, 2016. The investment management firm now holds a total of 412,263 shares of National-Oilwell Varco which is valued at $13,794,320.National-Oilwell Varco makes up approximately 0.97% of Cadence Capital Management’s portfolio.

National-Oilwell Varco opened for trading at $33.04 and hit $34.34 on the upside on Friday, eventually ending the session at $33.46, with a gain of 0.51% or 0.17 points. The heightened volatility saw the trading volume jump to 40,18,054 shares. Company has a market cap of $12,616 M.

Other Hedge Funds, Including , Tokio Marine Asset Management Co Ltd boosted its stake in NOV in the latest quarter, The investment management firm added 488 additional shares and now holds a total of 11,037 shares of National-Oilwell Varco which is valued at $369,298. National-Oilwell Varco makes up approx 0.04% of Tokio Marine Asset Management Co Ltd’s portfolio.Td Securities (usa) boosted its stake in NOV in the latest quarter, The investment management firm added 1 additional shares and now holds a total of 85 shares of National-Oilwell Varco which is valued at $3,063. National-Oilwell Varco makes up approx 0.03% of Td Securities (usa)’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in NOV in the latest quarter, The investment management firm added 98,688 additional shares and now holds a total of 417,114 shares of National-Oilwell Varco which is valued at $12,208,927. National-Oilwell Varco makes up approx 0.05% of Bnp Paribas Arbitrage Sa’s portfolio.

On the company’s financial health, National-Oilwell Varco reported $-0.06 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $-0.10. The company had revenue of $2189.00 million for the quarter, compared to analysts expectations of $2186.31 million. The company’s revenue was down -54.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.14 EPS.

Many Wall Street Analysts have commented on National-Oilwell Varco. Shares were Reiterated by FBR Capital on May 5, 2016 to “Outperform” and Lowered the Price Target to $ 44 from a previous price target of $55 .National-Oilwell Varco was Downgraded by Societe Generale to ” Sell” on May 4, 2016. Company shares were Reiterated by Cowen on Apr 29, 2016 to “Market Perform”, Firm has raised the Price Target to $ 28 from a previous price target of $25 .

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 also provides oilfield services to the upstream oil and gas industry. The Company operates through four segments: Rig Systems Rig Aftermarket Wellbore Technologies and Completion & Production Solutions. Its Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore. Its Rig Aftermarket segment provides aftermarket products and services to support land and offshore rigs and drilling rig components manufactured by the Company’s Rig Systems segment. Its Wellbore Technologies segment sells and rents solids control equipment; and provides solids control waste management and drilling fluids services. Its Completion & Production Solutions segment provides technologies for well completions and oil and gas production.

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