Fmr LLC decreased its position in shares of National-Oilwell Varco, Inc. (NYSE:NOV) by 4.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,177,075 shares of the oil and gas exploration company’s stock after selling 216,008 shares during the quarter. Fmr LLC’s holdings in National-Oilwell Varco were worth $179,948,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in NOV. Pzena Investment Management LLC purchased a new position in National-Oilwell Varco during the second quarter valued at approximately $191,593,000. Parnassus Investments CA increased its position in shares of National-Oilwell Varco by 48.5% in the second quarter. Parnassus Investments CA now owns 10,325,152 shares of the oil and gas exploration company’s stock valued at $448,112,000 after buying an additional 3,374,289 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of National-Oilwell Varco by 197.1% in the third quarter. Alliancebernstein L.P. now owns 2,950,274 shares of the oil and gas exploration company’s stock valued at $127,098,000 after buying an additional 1,957,301 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of National-Oilwell Varco by 512.0% in the third quarter. Janus Henderson Group PLC now owns 870,332 shares of the oil and gas exploration company’s stock valued at $37,492,000 after buying an additional 728,120 shares in the last quarter. Finally, Ruffer LLP increased its position in shares of National-Oilwell Varco by 7.0% in the third quarter. Ruffer LLP now owns 4,196,796 shares of the oil and gas exploration company’s stock valued at $180,734,000 after buying an additional 273,688 shares in the last quarter. 92.58% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently commented on the company. Morgan Stanley assumed coverage on National-Oilwell Varco in a research report on Tuesday, September 18th. They issued an “equal weight” rating and a $50.00 price objective for the company. Stifel Nicolaus started coverage on National-Oilwell Varco in a research report on Monday, September 10th. They issued a “buy” rating and a $54.00 price objective for the company. ValuEngine upgraded National-Oilwell Varco from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Barclays dropped their price target on National-Oilwell Varco from $44.00 to $40.00 and set a “hold” rating for the company in a research report on Monday, October 29th. Finally, UBS Group set a $40.00 price target on National-Oilwell Varco and gave the stock a “hold” rating in a research report on Tuesday, October 30th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $42.77.
NYSE NOV opened at $30.27 on Friday. The firm has a market cap of $12.15 billion, a price-to-earnings ratio of -72.07 and a beta of 1.00. 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 fifty-two week low of $29.73 and a fifty-two week high of $49.08.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Friday, December 7th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date is Thursday, December 6th. National-Oilwell Varco’s dividend payout ratio (DPR) is currently -47.62%.
National-Oilwell Varco declared that its board has authorized a share buyback program on Tuesday, November 6th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the oil and gas exploration company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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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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