Contrarius Investment Management Ltd Lowers stake in National-Oilwell Varco (NOV)

National-Oilwell Varco (NOV) : Contrarius Investment Management Ltd reduced its stake in National-Oilwell Varco by 3.9% during the most recent quarter end. The investment management company now holds a total of 1,996,930 shares of National-Oilwell Varco which is valued at $65,219,734 after selling 81,078 shares in National-Oilwell Varco , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.National-Oilwell Varco makes up approximately 5.08% of Contrarius Investment Management Ltd’s portfolio.

Other Hedge Funds, Including , Simmons Bank reduced its stake in NOV by selling 225 shares or 1.08% in the most recent quarter. The Hedge Fund company now holds 20,536 shares of NOV which is valued at $670,706. National-Oilwell Varco makes up approx 0.07% of Simmons Bank’s portfolio.Retirement Systems Of Alabama reduced its stake in NOV by selling 2,733 shares or 1.4% in the most recent quarter. The Hedge Fund company now holds 192,230 shares of NOV which is valued at $6,011,032. National-Oilwell Varco makes up approx 0.03% of Retirement Systems Of Alabama’s portfolio.Thompson Rubinstein Investment Management Inc Or boosted its stake in NOV in the latest quarter, The investment management firm added 1,056 additional shares and now holds a total of 85,157 shares of National-Oilwell Varco which is valued at $2,775,267. National-Oilwell Varco makes up approx 1.06% of Thompson Rubinstein Investment Management Inc Or’s portfolio.

National-Oilwell Varco opened for trading at $33.69 and hit $34.56 on the upside on Monday, eventually ending the session at $34.4, with a gain of 3.15% or 1.05 points. The heightened volatility saw the trading volume jump to 40,60,987 shares. Company has a market cap of $12,991 M.

On the company’s financial health, National-Oilwell Varco reported $-0.30 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $-0.33. The company had revenue of $1724.00 million for the quarter, compared to analysts expectations of $1795.21 million. The company’s revenue was down -55.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.77 EPS.

Many Wall Street Analysts have commented on National-Oilwell Varco. National-Oilwell Varco was Upgraded by Johnson Rice to ” Accumulate” on Jul 29, 2016. Company shares were Reiterated by Scotia Howard Weil on Jun 15, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 37 from a previous price target of $32 .

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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