National-Oilwell Varco, Inc. (NOV) Position Boosted by Welch & Forbes LLC

Welch & Forbes LLC increased its holdings in shares of National-Oilwell Varco, Inc. (NYSE:NOV) by 2.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 82,250 shares of the oil and gas exploration company’s stock after purchasing an additional 1,715 shares during the quarter. Welch & Forbes LLC’s holdings in National-Oilwell Varco were worth $2,114,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NOV. IMS Capital Management acquired a new stake in National-Oilwell Varco during the third quarter worth about $44,000. Quantamental Technologies LLC acquired a new stake in National-Oilwell Varco during the fourth quarter worth about $95,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its stake in National-Oilwell Varco by 95.0% during the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,900 shares of the oil and gas exploration company’s stock worth $100,000 after acquiring an additional 1,900 shares during the last quarter. First Hawaiian Bank acquired a new stake in National-Oilwell Varco during the third quarter worth about $174,000. Finally, Point72 Hong Kong Ltd acquired a new stake in National-Oilwell Varco during the third quarter worth about $179,000. Hedge funds and other institutional investors own 92.16% of the company’s stock.

Shares of NOV stock traded up $0.41 during trading hours on Tuesday, reaching $29.24. The company had a trading volume of 48,435 shares, compared to its average volume of 4,006,129. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.83 and a current ratio of 3.11. National-Oilwell Varco, Inc. has a twelve month low of $24.27 and a twelve month high of $49.08. The firm has a market cap of $10.87 billion, a P/E ratio of -365.50, a price-to-earnings-growth ratio of 11.73 and a beta of 1.25.

National-Oilwell Varco (NYSE:NOV) last posted its earnings results on Wednesday, February 6th. The oil and gas exploration company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.05). National-Oilwell Varco had a negative net margin of 0.37% and a negative return on equity of 0.22%. The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same quarter last year, the business posted ($0.04) EPS. National-Oilwell Varco’s quarterly revenue was up 21.8% compared to the same quarter last year. On average, equities research analysts predict that National-Oilwell Varco, Inc. will post 0.4 EPS for the current year.

National-Oilwell Varco announced that its board has initiated a share repurchase plan 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 buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

NOV has been the subject of several research analyst reports. Piper Jaffray Companies set a $42.00 price target on National-Oilwell Varco and gave the stock a “buy” rating in a research note on Sunday, October 28th. 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. Societe Generale upgraded National-Oilwell Varco from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Monday, October 29th. ValuEngine upgraded National-Oilwell Varco from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. Finally, Tudor Pickering upgraded National-Oilwell Varco from a “hold” rating to a “buy” rating in a research note on Monday, November 5th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have given a buy rating to the company’s stock. National-Oilwell Varco currently has an average rating of “Hold” and a consensus price target of $39.09.

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National-Oilwell Varco 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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Want to see what other hedge funds are holding NOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for National-Oilwell Varco, Inc. (NYSE:NOV).

Institutional Ownership by Quarter for National-Oilwell Varco (NYSE:NOV)

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