National-Oilwell Varco, Inc. (NOV) Stake Lessened by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its stake in shares of National-Oilwell Varco, Inc. (NYSE:NOV) by 2.9% in the 4th quarter, HoldingsChannel reports. The fund owned 589,919 shares of the oil and gas exploration company’s stock after selling 17,453 shares during the period. New York State Teachers Retirement System’s holdings in National-Oilwell Varco were worth $15,161,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IMS Capital Management bought a new stake in shares of National-Oilwell Varco during the 3rd quarter worth about $44,000. Quantamental Technologies LLC bought a new stake in shares of National-Oilwell Varco during the 4th quarter worth about $95,000. Cerebellum GP LLC bought a new stake in shares of National-Oilwell Varco during the 3rd quarter worth about $163,000. First Hawaiian Bank bought a new stake in shares of National-Oilwell Varco during the 3rd quarter worth about $174,000. Finally, Point72 Hong Kong Ltd bought a new stake in National-Oilwell Varco during the 3rd quarter valued at approximately $179,000. Institutional investors own 92.30% of the company’s stock.

Shares of NOV stock opened at $29.91 on Friday. The company has a quick ratio of 1.78, a current ratio of 3.17 and a debt-to-equity ratio of 0.19. National-Oilwell Varco, Inc. has a 12 month low of $24.27 and a 12 month high of $49.08. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of -71.21, a PEG ratio of 11.21 and a beta of 1.25.

National-Oilwell Varco announced that its Board of Directors has approved a share buyback program on Tuesday, November 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the oil and gas exploration company to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Several analysts recently weighed in on NOV shares. Wolfe Research started coverage on National-Oilwell Varco in a research note on Wednesday, October 10th. They set a “peer perform” rating for the company. Cowen restated a “hold” rating and set a $45.00 target price on shares of National-Oilwell Varco in a research note on Friday, October 12th. ValuEngine downgraded National-Oilwell Varco from a “buy” rating to a “hold” rating in a research note on Wednesday, October 17th. Jefferies Financial Group increased their target price on National-Oilwell Varco from $42.00 to $46.00 and gave the company a “hold” rating in a research note on Thursday, October 18th. Finally, Seaport Global Securities set a $31.00 target price on National-Oilwell Varco and gave the company a “sell” rating in a research note on Monday, October 29th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $40.43.

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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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