Wells Fargo & Company MN decreased its holdings in shares of National-Oilwell Varco, Inc. (NYSE:NOV) by 13.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,945,120 shares of the oil and gas exploration company’s stock after selling 605,808 shares during the period. Wells Fargo & Company MN owned about 1.03% of National-Oilwell Varco worth $169,957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently made changes to their positions in the company. Quad Cities Investment Group LLC purchased a new position in National-Oilwell Varco in the 2nd quarter valued at $104,000. Whittier Trust Co. lifted its holdings in National-Oilwell Varco by 180.6% in the 2nd quarter. Whittier Trust Co. now owns 2,455 shares of the oil and gas exploration company’s stock valued at $202,000 after purchasing an additional 1,580 shares in the last quarter. Cerebellum GP LLC purchased a new position in National-Oilwell Varco in the 3rd quarter valued at $163,000. Vanguard Capital Wealth Advisors purchased a new position in National-Oilwell Varco in the 2nd quarter valued at $295,000. Finally, First Hawaiian Bank purchased a new position in National-Oilwell Varco in the 3rd quarter valued at $174,000. Institutional investors own 95.24% of the company’s stock.
Shares of NYSE:NOV opened at $35.26 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.17 and a quick ratio of 1.78. The stock has a market cap of $13.88 billion, a P/E ratio of -83.95 and a beta of 1.03. National-Oilwell Varco, Inc. has a 12-month low of $31.47 and a 12-month high of $49.08.
National-Oilwell Varco announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the oil and gas exploration company to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
A number of research analysts have weighed in on the company. Barclays raised their price objective on National-Oilwell Varco from $37.00 to $44.00 and gave the company a “hold” rating in a report on Monday, July 30th. Evercore ISI upgraded National-Oilwell Varco from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a report on Monday, October 29th. Stifel Nicolaus assumed coverage on National-Oilwell Varco in a report on Monday, September 10th. They issued a “buy” rating and a $54.00 price objective on the stock. Credit Suisse Group set a $43.00 price objective on National-Oilwell Varco and gave the company a “hold” rating in a report on Monday, July 30th. Finally, Raymond James raised their target price on National-Oilwell Varco from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, July 30th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $43.27.
In related news, Director Eric L. Mattson sold 5,284 shares of the firm’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $45.06, for a total transaction of $238,097.04. Following the completion of the sale, the director now directly owns 66,862 shares of the company’s stock, valued at approximately $3,012,801.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric L. Mattson sold 11,112 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $45.34, for a total value of $503,818.08. Following the sale, the director now directly owns 66,862 shares of the company’s stock, valued at $3,031,523.08. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by company insiders.
About National-Oilwell Varco
National Oilwell Varco, Inc designs, manufactures, and sells systems and components used in oil and gas drilling and production; and provides oilfield services to the upstream oil and gas industry worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.
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