BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Increases Holdings in National-Oilwell Varco, Inc. (NOV)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of National-Oilwell Varco, Inc. (NYSE:NOV) by 6.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 203,397 shares of the oil and gas exploration company’s stock after acquiring an additional 12,722 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in National-Oilwell Varco were worth $8,762,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. State Treasurer State of Michigan boosted its position in National-Oilwell Varco by 1.1% during the 2nd quarter. State Treasurer State of Michigan now owns 113,078 shares of the oil and gas exploration company’s stock worth $4,908,000 after acquiring an additional 1,200 shares during the period. Commerce Bank boosted its position in National-Oilwell Varco by 21.2% during the 3rd quarter. Commerce Bank now owns 8,283 shares of the oil and gas exploration company’s stock worth $357,000 after acquiring an additional 1,451 shares during the period. Bank of Hawaii boosted its position in National-Oilwell Varco by 4.1% during the 3rd quarter. Bank of Hawaii now owns 38,910 shares of the oil and gas exploration company’s stock worth $1,676,000 after acquiring an additional 1,547 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its position in National-Oilwell Varco by 32.7% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,489 shares of the oil and gas exploration company’s stock worth $280,000 after acquiring an additional 1,600 shares during the period. Finally, MUFG Americas Holdings Corp boosted its position in National-Oilwell Varco by 29.8% during the 2nd quarter. MUFG Americas Holdings Corp now owns 7,183 shares of the oil and gas exploration company’s stock worth $312,000 after acquiring an additional 1,650 shares during the period. Hedge funds and other institutional investors own 92.58% of the company’s stock.

Shares of NOV stock opened at $29.81 on Friday. The company has a current ratio of 3.17, a quick ratio of 1.78 and a debt-to-equity ratio of 0.19. National-Oilwell Varco, Inc. has a twelve month low of $29.74 and a twelve month high of $49.08. The company has a market capitalization of $12.15 billion, a P/E ratio of -70.98 and a beta of 1.00.

National-Oilwell Varco declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas exploration company to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

The business also recently disclosed 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. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date is Thursday, December 6th. National-Oilwell Varco’s payout ratio is -47.62%.

NOV has been the subject of several research reports. Cowen set a $39.00 price target on National-Oilwell Varco and gave the company a “hold” rating in a report on Monday, December 3rd. R. F. Lafferty set a $43.00 price target on National-Oilwell Varco and gave the company a “buy” rating in a report on Wednesday, November 28th. Zacks Investment Research reiterated a “strong sell” rating on shares of National-Oilwell Varco in a report on Wednesday, November 14th. ValuEngine lowered National-Oilwell Varco from a “buy” rating to a “hold” rating in a report on Tuesday, November 13th. Finally, BMO Capital Markets set a $38.00 price target on National-Oilwell Varco and gave the company a “sell” rating in a report on Monday, November 5th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $42.77.

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

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