Shares of National-Oilwell Varco, Inc. (NYSE:NOV) traded down 1.7% during mid-day trading on Thursday . The stock traded as low as $18.69 and last traded at $18.42, 2,524,679 shares traded hands during trading. A decline of 54% from the average session volume of 5,531,439 shares. The stock had previously closed at $18.74.
Several equities research analysts have issued reports on the stock. Bank of America restated an “underperform” rating and set a $20.00 price objective (down from $26.00) on shares of National-Oilwell Varco in a research report on Tuesday, June 25th. Griffin Securities restated a “hold” rating on shares of National-Oilwell Varco in a research report on Thursday, August 1st. Raymond James raised their price objective on shares of National-Oilwell Varco from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Cowen restated a “market perform” rating and set a $27.00 price objective (up from $25.00) on shares of National-Oilwell Varco in a research report on Wednesday, July 31st. Finally, Citigroup upgraded shares of National-Oilwell Varco from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $23.00 to $28.00 in a research report on Wednesday, July 31st. Five analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the company. National-Oilwell Varco currently has an average rating of “Hold” and an average price target of $34.24.
The company’s fifty day moving average price is $21.45 and its 200 day moving average price is $24.69. The company has a market capitalization of $7.16 billion, a P/E ratio of -228.50 and a beta of 1.30. The company has a quick ratio of 1.76, a current ratio of 3.05 and a debt-to-equity ratio of 0.29.
In related news, Director Eric L. Mattson sold 4,750 shares of National-Oilwell Varco stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $21.02, for a total value of $99,845.00. Following the transaction, the director now directly owns 64,503 shares of the company’s stock, valued at $1,355,853.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.92% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in NOV. Pzena Investment Management LLC increased its stake in National-Oilwell Varco by 45.9% in the second quarter. Pzena Investment Management LLC now owns 24,225,557 shares of the oil and gas exploration company’s stock valued at $538,534,000 after acquiring an additional 7,616,881 shares during the last quarter. Point72 Asset Management L.P. bought a new position in National-Oilwell Varco in the second quarter valued at approximately $46,810,000. Nuveen Asset Management LLC increased its stake in National-Oilwell Varco by 18,815.1% in the second quarter. Nuveen Asset Management LLC now owns 1,885,456 shares of the oil and gas exploration company’s stock valued at $41,913,000 after acquiring an additional 1,875,488 shares during the last quarter. Wells Fargo & Company MN increased its stake in National-Oilwell Varco by 38.7% in the second quarter. Wells Fargo & Company MN now owns 5,419,580 shares of the oil and gas exploration company’s stock valued at $120,478,000 after acquiring an additional 1,510,803 shares during the last quarter. Finally, Marathon Asset Management LLP increased its stake in National-Oilwell Varco by 94.5% in the second quarter. Marathon Asset Management LLP now owns 2,151,888 shares of the oil and gas exploration company’s stock valued at $47,834,000 after acquiring an additional 1,045,513 shares during the last quarter. 95.64% of the stock is currently owned by institutional investors and hedge funds.
National-Oilwell Varco Company Profile (NYSE:NOV)
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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