Cacti Asset Management Lowers stake in National-Oilwell Varco (NOV)

National-Oilwell Varco (NOV) : Cacti Asset Management reduced its stake in National-Oilwell Varco by 0.55% during the most recent quarter end. The investment management company now holds a total of 331,709 shares of National-Oilwell Varco which is valued at $12,230,111 after selling 1,850 shares in National-Oilwell Varco , the firm said in a disclosure report filed with the SEC on Oct 3, 2016.National-Oilwell Varco makes up approximately 1.25% of Cacti Asset Management’s portfolio.

National-Oilwell Varco closed down -0.48 points or -1.33% at $35.68 with 41,27,515 shares getting traded on Tuesday. Post opening the session at $36.14, the shares hit an intraday low of $35.27 and an intraday high of $36.49 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

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 Downgraded by Citigroup to ” Sell” on Oct 3, 2016. National-Oilwell Varco was Upgraded by Johnson Rice to ” Accumulate” on Jul 29, 2016.

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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