National-Oilwell Varco (NYSE:NOV) had its target price increased by Wells Fargo & Co from $22.00 to $24.00 in a research report report published on Thursday, BenzingaRatingsTable reports. The firm currently has a market perform rating on the oil and gas exploration company’s stock.
Several other brokerages also recently weighed in on NOV. AltaCorp Capital restated an underperform rating on shares of National-Oilwell Varco in a research note on Thursday, June 20th. Seaport Global Securities upgraded National-Oilwell Varco from a sell rating to a neutral rating in a research report on Wednesday, July 31st. Zacks Investment Research downgraded National-Oilwell Varco from a hold rating to a strong sell rating in a research report on Monday, May 20th. Bank of America reiterated an underperform rating and issued a $20.00 price objective (down previously from $26.00) on shares of National-Oilwell Varco in a research report on Tuesday, June 25th. Finally, UBS Group set a $25.00 price objective on National-Oilwell Varco and gave the stock a hold rating in a research report on Wednesday, July 31st. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $31.61.
NYSE:NOV traded down $0.29 during mid-day trading on Thursday, hitting $22.81. 4,530,711 shares of the company’s stock traded hands, compared to its average volume of 4,273,288. The firm has a 50 day moving average of $20.69 and a two-hundred day moving average of $23.56. National-Oilwell Varco has a 12 month low of $18.05 and a 12 month high of $46.64. The firm has a market capitalization of $9.16 billion, a price-to-earnings ratio of -285.13, a price-to-earnings-growth ratio of 58.62 and a beta of 1.31. The company has a current ratio of 3.05, a quick ratio of 1.76 and a debt-to-equity ratio of 0.29.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.05 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.88%. National-Oilwell Varco’s payout ratio is presently -250.00%.
In other news, insider Joseph W. Rovig sold 22,640 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $18.37, for a total value of $415,896.80. Following the completion of the transaction, the insider now directly owns 73,867 shares of the company’s stock, valued at approximately $1,356,936.79. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eric L. Mattson sold 4,750 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $21.02, for a total value of $99,845.00. Following the completion of the transaction, the director now directly owns 64,503 shares of the company’s stock, valued at $1,355,853.06. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. TRUE Private Wealth Advisors acquired a new position in shares of National-Oilwell Varco in the 2nd quarter worth approximately $26,000. Berman Capital Advisors LLC raised its holdings in shares of National-Oilwell Varco by 385.0% in the 2nd quarter. Berman Capital Advisors LLC now owns 1,387 shares of the oil and gas exploration company’s stock worth $30,000 after buying an additional 1,101 shares in the last quarter. Investors Research Corp increased its holdings in National-Oilwell Varco by 250.0% during the 2nd quarter. Investors Research Corp now owns 1,400 shares of the oil and gas exploration company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Rational Advisors LLC increased its holdings in National-Oilwell Varco by 375.4% during the 2nd quarter. Rational Advisors LLC now owns 1,664 shares of the oil and gas exploration company’s stock valued at $37,000 after purchasing an additional 1,314 shares in the last quarter. Finally, CSat Investment Advisory L.P. increased its holdings in National-Oilwell Varco by 124.9% during the 2nd quarter. CSat Investment Advisory L.P. now owns 2,528 shares of the oil and gas exploration company’s stock valued at $56,000 after purchasing an additional 1,404 shares in the last quarter. 94.27% of the stock is owned by institutional investors and hedge funds.
National-Oilwell Varco Company Profile
National Oilwell Varco, Inc designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The Wellbore Technologies segment offers various equipment and technologies used to perform drilling operations.
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