Dynamic Technology Lab Private Ltd bought a new stake in National-Oilwell Varco, Inc. (NYSE:NOV) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 36,143 shares of the oil and gas exploration company’s stock, valued at approximately $1,557,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOV. State Treasurer State of Michigan increased its holdings in shares of National-Oilwell Varco by 1.1% during the 2nd quarter. State Treasurer State of Michigan now owns 113,078 shares of the oil and gas exploration company’s stock worth $4,908,000 after acquiring an additional 1,200 shares during the last quarter. Commerce Bank increased its holdings in shares of National-Oilwell Varco by 21.2% during the 3rd quarter. Commerce Bank now owns 8,283 shares of the oil and gas exploration company’s stock worth $357,000 after acquiring an additional 1,451 shares during the last quarter. Bank of Hawaii increased its holdings in shares of National-Oilwell Varco by 4.1% during the 3rd quarter. Bank of Hawaii now owns 38,910 shares of the oil and gas exploration company’s stock worth $1,676,000 after acquiring an additional 1,547 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of National-Oilwell Varco by 32.7% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,489 shares of the oil and gas exploration company’s stock worth $280,000 after acquiring an additional 1,600 shares during the last quarter. Finally, MUFG Americas Holdings Corp increased its holdings in shares of National-Oilwell Varco by 29.8% during the 2nd quarter. MUFG Americas Holdings Corp now owns 7,183 shares of the oil and gas exploration company’s stock worth $312,000 after acquiring an additional 1,650 shares during the last quarter. Hedge funds and other institutional investors own 92.58% of the company’s stock.
Shares of NYSE NOV opened at $29.81 on Friday. The company has a current ratio of 3.17, a quick ratio of 1.78 and a debt-to-equity ratio of 0.19. National-Oilwell Varco, Inc. has a one year low of $29.74 and a one year high of $49.08. The firm has a market capitalization of $12.15 billion, a price-to-earnings ratio of -70.98 and a beta of 1.00.
National-Oilwell Varco declared that its Board of Directors has approved a share repurchase plan on Tuesday, November 6th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the oil and gas exploration company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Friday, December 7th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Thursday, December 6th. National-Oilwell Varco’s dividend payout ratio is -47.62%.
A number of research analysts recently weighed in on NOV shares. B. Riley raised National-Oilwell Varco to a “hold” rating and set a $45.00 target price on the stock in a report on Monday, August 20th. R. F. Lafferty raised National-Oilwell Varco from a “hold” rating to a “buy” rating and boosted their target price for the stock from $41.00 to $51.00 in a report on Tuesday, August 21st. Edward Jones lowered National-Oilwell Varco from a “buy” rating to a “hold” rating in a report on Tuesday, September 4th. Stifel Nicolaus started coverage on National-Oilwell Varco in a report on Monday, September 10th. They set a “buy” rating and a $54.00 target price on the stock. Finally, Citigroup decreased their target price on National-Oilwell Varco from $49.00 to $48.00 and set a “neutral” rating on the stock in a report on Friday, September 14th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $42.77.
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National-Oilwell Varco Profile
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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