National-Oilwell Varco, Inc. (NYSE:NOV) shares reached a new 52-week low on Thursday . The stock traded as low as $30.02 and last traded at $30.18, with a volume of 206983 shares. The stock had previously closed at $31.68.
NOV has been the subject of several recent analyst reports. Morgan Stanley initiated coverage on National-Oilwell Varco in a research note on Tuesday, September 18th. They issued an “equal weight” rating and a $50.00 price target for the company. Johnson Rice upgraded National-Oilwell Varco from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Tuesday, October 2nd. Cowen reiterated a “hold” rating and set a $45.00 target price on shares of National-Oilwell Varco in a research report on Friday, October 12th. Jefferies Financial Group increased their target price on National-Oilwell Varco from $42.00 to $46.00 and gave the company a “hold” rating in a research report on Thursday, October 18th. Finally, Raymond James lowered their target price on National-Oilwell Varco from $55.00 to $45.00 and set an “outperform” rating for the company in a research report on Monday, October 29th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $42.77.
The company has a quick ratio of 1.78, a current ratio of 3.17 and a debt-to-equity ratio of 0.19. The stock has a market cap of $11.60 billion, a P/E ratio of -70.98 and a beta of 1.00.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 21st. Investors of record on Friday, December 7th will be given a $0.05 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.20 dividend on an annualized basis and a yield of 0.67%. National-Oilwell Varco’s dividend payout ratio is presently -47.62%.
National-Oilwell Varco announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 6th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the oil and gas exploration company to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
Institutional investors and hedge funds have recently modified their holdings of the stock. Quad Cities Investment Group LLC bought a new stake in National-Oilwell Varco in the second quarter worth $104,000. Cerebellum GP LLC bought a new stake in National-Oilwell Varco in the third quarter worth $163,000. First Hawaiian Bank bought a new stake in National-Oilwell Varco in the third quarter worth $174,000. Point72 Hong Kong Ltd bought a new stake in National-Oilwell Varco in the third quarter worth $179,000. Finally, Captrust Financial Advisors lifted its position in National-Oilwell Varco by 520.5% in the third quarter. Captrust Financial Advisors now owns 4,443 shares of the oil and gas exploration company’s stock worth $191,000 after buying an additional 3,727 shares during the last quarter. Institutional investors own 92.58% of the company’s stock.
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National-Oilwell Varco Company Profile (NYSE:NOV)
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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