National-Oilwell Varco, Inc. (NOV) Shares Sold by Flossbach Von Storch AG
Flossbach Von Storch AG reduced its stake in National-Oilwell Varco, Inc. (NYSE:NOV) by 69.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 104,390 shares of the oil and gas exploration company’s stock after selling 232,000 shares during the quarter. Flossbach Von Storch AG’s holdings in National-Oilwell Varco were worth $2,683,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of NOV. IMS Capital Management bought a new position in shares of National-Oilwell Varco in the third quarter worth approximately $44,000. Quantamental Technologies LLC bought a new position in shares of National-Oilwell Varco in the fourth quarter worth approximately $95,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its position in shares of National-Oilwell Varco by 95.0% in the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,900 shares of the oil and gas exploration company’s stock worth $100,000 after purchasing an additional 1,900 shares during the last quarter. First Hawaiian Bank bought a new position in shares of National-Oilwell Varco in the third quarter worth approximately $174,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of National-Oilwell Varco in the third quarter worth approximately $179,000. 92.16% of the stock is currently owned by institutional investors.
Several research analysts recently weighed in on the stock. Barclays set a $32.00 price objective on shares of National-Oilwell Varco and gave the stock a “hold” rating in a research report on Saturday. Cowen decreased their price objective on shares of National-Oilwell Varco from $32.00 to $29.00 and set a “market perform” rating on the stock in a research report on Monday. Zacks Investment Research restated a “strong sell” rating on shares of National-Oilwell Varco in a research report on Wednesday, November 14th. Royal Bank of Canada set a $31.00 price objective on shares of National-Oilwell Varco and gave the stock a “hold” rating in a research report on Friday. Finally, Raymond James set a $40.00 price target on shares of National-Oilwell Varco and gave the company a “buy” rating in a research report on Friday. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $39.48.
National-Oilwell Varco (NYSE:NOV) last released its quarterly earnings data on Wednesday, February 6th. The oil and gas exploration company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.05). The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.18 billion. National-Oilwell Varco had a negative net margin of 0.37% and a negative return on equity of 0.22%. The business’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same period last year, the company posted ($0.04) EPS. Sell-side analysts anticipate that National-Oilwell Varco, Inc. will post 0.4 earnings per share for the current year.
National-Oilwell Varco announced that its board has authorized a share repurchase plan on Tuesday, November 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the oil and gas exploration company to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
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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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