MUFG Americas Holdings Corp cut its holdings in National-Oilwell Varco, Inc. (NYSE:NOV) by 24.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,433 shares of the oil and gas exploration company’s stock after selling 1,750 shares during the quarter. MUFG Americas Holdings Corp’s holdings in National-Oilwell Varco were worth $234,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. State Treasurer State of Michigan increased its position in shares of National-Oilwell Varco by 1.1% in the second quarter. State Treasurer State of Michigan now owns 113,078 shares of the oil and gas exploration company’s stock valued at $4,908,000 after buying an additional 1,200 shares in the last quarter. Commerce Bank increased its position in shares of National-Oilwell Varco by 21.2% in the third quarter. Commerce Bank now owns 8,283 shares of the oil and gas exploration company’s stock valued at $357,000 after buying an additional 1,451 shares in the last quarter. Bank of Hawaii increased its position in shares of National-Oilwell Varco by 4.1% in the third quarter. Bank of Hawaii now owns 38,910 shares of the oil and gas exploration company’s stock valued at $1,676,000 after buying an additional 1,547 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of National-Oilwell Varco by 32.7% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,489 shares of the oil and gas exploration company’s stock valued at $280,000 after buying an additional 1,600 shares in the last quarter. Finally, Synovus Financial Corp increased its position in shares of National-Oilwell Varco by 20.8% in the third quarter. Synovus Financial Corp now owns 9,850 shares of the oil and gas exploration company’s stock valued at $424,000 after buying an additional 1,694 shares in the last quarter. Institutional investors and hedge funds own 92.41% of the company’s stock.
A number of analysts have recently commented on the company. Evercore ISI upgraded National-Oilwell Varco from an “in-line” rating to an “outperform” rating and set a $54.00 price objective for the company in a research report on Monday, October 29th. Stifel Nicolaus started coverage on National-Oilwell Varco in a research note on Monday, September 10th. They issued a “buy” rating and a $54.00 price target on the stock. Wolfe Research started coverage on National-Oilwell Varco in a research note on Wednesday, October 10th. They issued a “peer perform” rating on the stock. Credit Suisse Group lowered their price target on National-Oilwell Varco from $43.00 to $38.00 and set a “hold” rating on the stock in a research note on Monday, October 29th. Finally, Argus set a $46.00 price target on National-Oilwell Varco and gave the stock a “buy” rating in a research note on Monday, October 29th. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have assigned a buy rating to the company. National-Oilwell Varco currently has an average rating of “Hold” and an average price target of $42.41.
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 0.75%. 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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