Advisors Asset Management Inc. lessened its position in National-Oilwell Varco, Inc. (NYSE:NOV) by 62.2% in the second quarter, HoldingsChannel reports. The firm owned 6,221 shares of the oil and gas exploration company’s stock after selling 10,251 shares during the quarter. Advisors Asset Management Inc.’s holdings in National-Oilwell Varco were worth $270,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of NOV. Cleararc Capital Inc. grew its stake in National-Oilwell Varco by 578.7% during the second quarter. Cleararc Capital Inc. now owns 65,770 shares of the oil and gas exploration company’s stock worth $2,854,000 after purchasing an additional 56,079 shares during the period. Energy Opportunities Capital Management LLC grew its stake in National-Oilwell Varco by 16.4% during the second quarter. Energy Opportunities Capital Management LLC now owns 177,699 shares of the oil and gas exploration company’s stock worth $7,712,000 after purchasing an additional 25,100 shares during the period. WINTON GROUP Ltd grew its stake in National-Oilwell Varco by 66.0% during the second quarter. WINTON GROUP Ltd now owns 210,061 shares of the oil and gas exploration company’s stock worth $9,117,000 after purchasing an additional 83,553 shares during the period. GHP Investment Advisors Inc. acquired a new stake in National-Oilwell Varco during the second quarter worth approximately $205,000. Finally, Argent Trust Co acquired a new stake in National-Oilwell Varco during the second quarter worth approximately $486,000. 95.24% of the stock is owned by institutional investors and hedge funds.
In other news, Director Eric L. Mattson sold 5,284 shares of the firm’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $45.06, for a total value of $238,097.04. Following the transaction, the director now owns 66,862 shares in the company, valued at $3,012,801.72. The transaction 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 that occurred on Monday, August 27th. The shares were sold at an average price of $45.34, for a total value of $503,818.08. Following the completion of the transaction, the director now owns 66,862 shares in the company, valued at approximately $3,031,523.08. The disclosure for this sale can be found here. 0.79% of the stock is owned by company insiders.
NOV stock opened at $35.26 on Friday. National-Oilwell Varco, Inc. has a twelve month low of $31.47 and a twelve month high of $49.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.78 and a current ratio of 3.17. The company has a market capitalization of $14.13 billion, a PE ratio of -83.95 and a beta of 1.03.
National-Oilwell Varco declared that its board has authorized a share buyback plan on Tuesday, November 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas exploration company to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
NOV has been the subject of several recent analyst reports. BMO Capital Markets raised their target price on National-Oilwell Varco from $32.00 to $39.00 and gave the stock a “sell” rating in a research note on Monday, July 30th. Wells Fargo & Co increased their price target on National-Oilwell Varco from $41.00 to $43.00 and gave the stock a “hold” rating in a report on Sunday, July 29th. Credit Suisse Group set a $43.00 price target on National-Oilwell Varco and gave the stock a “hold” rating in a report on Monday, July 30th. Raymond James increased their price target on National-Oilwell Varco from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, July 30th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $42.00 price target on shares of National-Oilwell Varco in a report on Monday, July 30th. Two equities research 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 an average rating of “Hold” and a consensus price target of $43.27.
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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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