Gulf International Bank UK Ltd boosted its position in shares of National-Oilwell Varco, Inc. (NYSE:NOV) by 4.7% in the third quarter, Holdings Channel reports. The institutional investor owned 128,857 shares of the oil and gas exploration company’s stock after acquiring an additional 5,753 shares during the quarter. Gulf International Bank UK Ltd’s holdings in National-Oilwell Varco were worth $5,551,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of NOV. Pzena Investment Management LLC bought a new stake in National-Oilwell Varco during the 2nd quarter valued at $191,593,000. Ruffer LLP bought a new position in National-Oilwell Varco in the 2nd quarter worth $170,243,000. Parnassus Investments CA raised its holdings in National-Oilwell Varco by 48.5% in the 2nd quarter. Parnassus Investments CA now owns 10,325,152 shares of the oil and gas exploration company’s stock worth $448,112,000 after purchasing an additional 3,374,289 shares in the last quarter. Chicago Equity Partners LLC raised its holdings in National-Oilwell Varco by 5,450.8% in the 3rd quarter. Chicago Equity Partners LLC now owns 271,435 shares of the oil and gas exploration company’s stock worth $11,693,000 after purchasing an additional 266,545 shares in the last quarter. Finally, BP PLC raised its holdings in National-Oilwell Varco by 458.1% in the 2nd quarter. BP PLC now owns 240,000 shares of the oil and gas exploration company’s stock worth $10,414,000 after purchasing an additional 197,000 shares in the last quarter. Institutional investors own 95.24% of the company’s stock.
NOV has been the subject of several research reports. Wells Fargo & Co upped their price objective on shares of National-Oilwell Varco from $41.00 to $43.00 and gave the stock a “hold” rating in a report on Sunday, July 29th. Citigroup upped their price objective on shares of National-Oilwell Varco from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 31st. R. F. Lafferty upgraded shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and upped their price objective for the stock from $41.00 to $51.00 in a report on Tuesday, August 21st. Royal Bank of Canada set a $43.00 price objective on shares of National-Oilwell Varco and gave the stock a “hold” rating in a report on Sunday, October 28th. Finally, Wolfe Research initiated coverage on shares of National-Oilwell Varco in a report on Wednesday, October 10th. They issued a “peer perform” rating for the company. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $43.27.
NYSE:NOV opened at $35.26 on Friday. The company has a quick ratio of 1.78, a current ratio of 3.17 and a debt-to-equity ratio of 0.19. National-Oilwell Varco, Inc. has a 1-year low of $31.47 and a 1-year high of $49.08.
National-Oilwell Varco announced that its board has authorized a share buyback program on Tuesday, November 6th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the oil and gas exploration company to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Eric L. Mattson sold 5,284 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $45.06, for a total value of $238,097.04. Following the sale, the director now directly owns 66,862 shares of the company’s stock, valued at approximately $3,012,801.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric L. Mattson sold 11,112 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $45.34, for a total transaction of $503,818.08. Following the completion of the sale, the director now directly owns 66,862 shares in the company, valued at $3,031,523.08. The disclosure for this sale can be found here. 0.79% of the stock is owned by corporate insiders.
National-Oilwell Varco Company 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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