Fjarde AP Fonden Fourth Swedish National Pension Fund Reduces Position in National-Oilwell Varco, Inc. (NOV)

Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its holdings in National-Oilwell Varco, Inc. (NYSE:NOV) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,255 shares of the oil and gas exploration company’s stock after selling 3,650 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in National-Oilwell Varco were worth $4,836,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Fosun International Ltd bought a new stake in shares of National-Oilwell Varco in the 3rd quarter worth approximately $1,291,000. PNC Financial Services Group Inc. raised its holdings in shares of National-Oilwell Varco by 2.9% during the third quarter. PNC Financial Services Group Inc. now owns 202,152 shares of the oil and gas exploration company’s stock valued at $8,710,000 after acquiring an additional 5,665 shares during the period. Trillium Asset Management LLC acquired a new stake in shares of National-Oilwell Varco during the third quarter valued at approximately $1,155,000. Janus Henderson Group PLC raised its holdings in shares of National-Oilwell Varco by 512.0% during the third quarter. Janus Henderson Group PLC now owns 870,332 shares of the oil and gas exploration company’s stock valued at $37,492,000 after acquiring an additional 728,120 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in shares of National-Oilwell Varco by 197.1% during the third quarter. Alliancebernstein L.P. now owns 2,950,274 shares of the oil and gas exploration company’s stock valued at $127,098,000 after acquiring an additional 1,957,301 shares during the period. Institutional investors and hedge funds own 95.75% of the company’s stock.

In related news, Director Eric L. Mattson sold 11,112 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $45.34, for a total transaction of $503,818.08. Following the transaction, the director now directly owns 66,862 shares of the company’s stock, valued at $3,031,523.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.79% of the company’s stock.

NOV has been the topic of a number of recent analyst reports. Raymond James boosted their price target on shares of National-Oilwell Varco from $50.00 to $55.00 and gave the company a “buy” rating in a report on Monday, July 30th. Piper Jaffray Companies restated a “buy” rating and set a $53.00 price target on shares of National-Oilwell Varco in a report on Monday, August 6th. R. F. Lafferty upgraded shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and boosted their price target for the company from $41.00 to $51.00 in a report on Tuesday, August 21st. Stifel Nicolaus initiated coverage on shares of National-Oilwell Varco in a report on Monday, September 10th. They set a “buy” rating and a $54.00 price target on the stock. Finally, Johnson Rice upgraded shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Tuesday, October 2nd. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $43.27.

Shares of NOV opened at $31.62 on Friday. National-Oilwell Varco, Inc. has a 52 week low of $31.30 and a 52 week high of $49.08. The company has a market cap of $12.48 billion, a P/E ratio of -75.29 and a beta of 1.03. 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 declared that its Board of Directors has approved a share buyback plan 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 repurchase up to 3.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is 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 given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Thursday, December 6th. National-Oilwell Varco’s payout ratio is presently -47.62%.

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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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