National-Oilwell Varco, Inc. (NYSE:NOV) is one of the most highly regarded long-term energy plays out there. How are hedgies and insiders playing it?
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Furthermore, we’re going to analyze the recent info surrounding National-Oilwell Varco, Inc. (NYSE:NOV).
How are hedge funds trading National-Oilwell Varco, Inc. (NYSE:NOV)?
At the end of the second quarter, a total of 43 of the hedge funds we track held long positions in this stock, a change of -9% from the first quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were increasing their holdings considerably.
Due to the fact National-Oilwell Varco, Inc. (NYSE:NOV) has experienced bearish sentiment from the top-tier hedge fund industry, it’s easy to see that there was a specific group of funds who were dropping their full holdings at the end of the second quarter. It’s worth mentioning that Andreas Halvorsen’s Viking Global dropped the largest position of the “upper crust” of funds we watch, worth an estimated $188.1 million in call options., and Sean Cullinan of Point State Capital was right behind this move, as the fund said goodbye to about $123.8 million worth. These transactions are intriguing to say the least, as total hedge fund interest dropped by 4 funds at the end of the second quarter.
How have insiders been trading National-Oilwell Varco, Inc. (NYSE:NOV)?
Legal insider trading, particularly when it’s bullish, is most useful when the company in focus has seen transactions within the past 180 days. Over the latest half-year time period, National-Oilwell Varco, Inc. (NYSE:NOV) has seen 1 unique insiders purchasing, and 1 insider sales (see the details of insider trades here).
We’ll also review the relationship between both of these indicators in other stocks similar to National-Oilwell Varco, Inc. (NYSE:NOV). These stocks are Weatherford International Ltd (NYSE:WFT), FMC Technologies, Inc. (NYSE:FTI), Cameron International Corporation (NYSE:CAM), Baker Hughes Incorporated (NYSE:BHI), and Halliburton Company (NYSE:HAL). This group of stocks belong to the oil & gas equipment & services industry and their market caps match NOV’s market cap.
