National Oilwell Varco June 15th Short Interest Update

National Oilwell Varco (NYSE:NOV) has witnessed a drop of 1.3% or 526,472 shares in its short figure. The short interest diminution took it from 41,278,853 on May 31,2016 to 40,752,381 on June 15,2016. In terms of floated shares, the short interest was calculated to be 10.8%. The days to cover are 10 given that the daily volume averaged 4,136,712 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.

National Oilwell Varco (NYSE:NOV): The stock opened at $34.79 on Friday but the bulls could not build on the opening and the stock topped out at $35.41 for the day. The stock traded down to $34.04 during the day, due to lack of any buying support eventually closed down at $34.06 with a loss of -6.68% for the day. The stock had closed at $36.50 on the previous day. The total traded volume was 5,586,009 shares.

The company shares have dropped -29.87% from its 1 Year high price. On Jun 29, 2015, the shares registered one year high at $49.45 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $33.42 and the 200 Day Moving Average price is recorded at $31.64.

National Oilwell Varco (NYSE:NOV) has tumbled 3.18% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 4.41% in the last four weeks. The stocks have underperformed the S&P 500 by 1.58% during the past week but National Oilwell Varco (NYSE:NOV) it has outperformed the index in 4 weeks by 7.57%.

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 Companys 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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