MUFG Americas Holdings Corp lessened its position in National-Oilwell Varco, Inc. (NYSE:NOV) by 24.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. State Treasurer State of Michigan raised its holdings in shares of National-Oilwell Varco by 1.1% in the 2nd 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 during the period. Commerce Bank raised its holdings in shares of National-Oilwell Varco by 21.2% in the 3rd 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 during the period. Bank of Hawaii raised its holdings in shares of National-Oilwell Varco by 4.1% in the 3rd 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 during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of National-Oilwell Varco by 32.7% in the 3rd 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 during the period. Finally, Synovus Financial Corp raised its holdings in shares of National-Oilwell Varco by 20.8% in the 3rd 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 during the period. Hedge funds and other institutional investors own 92.41% of the company’s stock.
Several equities research analysts recently issued reports 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 on the stock in a report on Monday, October 29th. Stifel Nicolaus assumed coverage on National-Oilwell Varco in a report on Monday, September 10th. They issued a “buy” rating and a $54.00 price objective on the stock. Wolfe Research started coverage on National-Oilwell Varco in a report on Wednesday, October 10th. They issued a “peer perform” rating on the stock. Credit Suisse Group cut their price target on National-Oilwell Varco from $43.00 to $38.00 and set a “hold” rating on the stock in a report 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 report on Monday, October 29th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $42.41.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Friday, December 7th will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.20 annualized dividend and a dividend yield of 0.75%. National-Oilwell Varco’s dividend payout ratio is currently -47.62%.
National-Oilwell Varco declared that its board has initiated a stock buyback program on Tuesday, November 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the oil and gas exploration company to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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.
Further Reading: How can investors find ex-dividend dates?
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