Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of National-Oilwell Varco, Inc. (NYSE:NOV) by 32.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,489 shares of the oil and gas exploration company’s stock after acquiring an additional 1,600 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in National-Oilwell Varco were worth $280,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of NOV. Quad Cities Investment Group LLC bought a new stake in National-Oilwell Varco during the second quarter worth $104,000. Cerebellum GP LLC bought a new stake in National-Oilwell Varco during the third quarter worth $163,000. First Hawaiian Bank bought a new stake in National-Oilwell Varco during the third quarter worth $174,000. Piedmont Investment Advisors LLC bought a new stake in National-Oilwell Varco during the second quarter worth $194,000. Finally, Assetmark Inc. raised its position in National-Oilwell Varco by 225.5% during the second quarter. Assetmark Inc. now owns 4,551 shares of the oil and gas exploration company’s stock worth $198,000 after acquiring an additional 3,153 shares in the last quarter. 95.75% of the stock is currently owned by hedge funds and other institutional investors.
NOV stock opened at $32.11 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.78 and a current ratio of 3.17. National-Oilwell Varco, Inc. has a 52 week low of $31.30 and a 52 week high of $49.08. The stock has a market capitalization of $12.55 billion, a P/E ratio of -76.45 and a beta of 1.03.
National-Oilwell Varco declared that its board has approved a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 21st. Investors of record on Friday, December 7th will be paid a $0.05 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.20 annualized dividend and a dividend yield of 0.62%. National-Oilwell Varco’s dividend payout ratio (DPR) is presently -47.62%.
Several equities analysts have recently weighed in on NOV shares. Piper Jaffray Companies reissued a “buy” rating and issued a $53.00 price objective on shares of National-Oilwell Varco in a research report on Monday, August 6th. R. F. Lafferty raised shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and increased their price objective for the company from $41.00 to $51.00 in a research report on Tuesday, August 21st. Stifel Nicolaus started coverage on shares of National-Oilwell Varco in a research report on Monday, September 10th. They issued a “buy” rating and a $54.00 price objective on the stock. Johnson Rice raised shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Tuesday, October 2nd. Finally, Societe Generale raised shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Monday, October 29th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $42.91.
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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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