National-Oilwell Varco’s (NYSE:NOV) Underperform Rating Reiterated at Bank of America

Bank of America reaffirmed their underperform rating on shares of National-Oilwell Varco (NYSE:NOV) in a report issued on Tuesday, June 25th, FirstToMarketsRatingsTable reports. Bank of America currently has a $20.00 target price on the oil and gas exploration company’s stock, down from their prior target price of $26.00.

Several other research analysts also recently commented on the company. Raymond James decreased their price objective on National-Oilwell Varco from $40.00 to $35.00 and set an outperform rating on the stock in a report on Monday, April 15th. Barclays reduced their price objective on National-Oilwell Varco from $32.00 to $28.00 and set an equal weight rating for the company in a research note on Monday, April 15th. Citigroup upped their price objective on National-Oilwell Varco from $29.00 to $31.00 and gave the stock a neutral rating in a research note on Tuesday, April 30th. SunTrust Banks dropped their price objective on shares of National-Oilwell Varco to $24.00 and set a hold rating for the company in a report on Tuesday, April 16th. Finally, Cowen set a $23.00 price objective on shares of National-Oilwell Varco and gave the company a hold rating in a report on Friday, April 12th. Seven research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the company. National-Oilwell Varco currently has an average rating of Hold and a consensus price target of $37.08.

NYSE:NOV opened at $21.77 on Tuesday. The company has a market capitalization of $8.58 billion, a price-to-earnings ratio of -272.13 and a beta of 1.28. National-Oilwell Varco has a 52-week low of $19.57 and a 52-week high of $49.08. The company’s fifty day simple moving average is $21.80. The company has a quick ratio of 1.81, a current ratio of 3.30 and a debt-to-equity ratio of 0.18.

National-Oilwell Varco (NYSE:NOV) last released its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported ($0.20) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.12). National-Oilwell Varco had a negative net margin of 0.47% and a negative return on equity of 0.29%. The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.99 billion. During the same quarter in the previous year, the business earned ($0.18) EPS. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities analysts predict that National-Oilwell Varco will post -0.2 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date of this dividend was Thursday, June 13th. National-Oilwell Varco’s dividend payout ratio (DPR) is -250.00%.

Several institutional investors have recently added to or reduced their stakes in NOV. Pzena Investment Management LLC raised its stake in shares of National-Oilwell Varco by 31.3% in the 1st quarter. Pzena Investment Management LLC now owns 16,608,676 shares of the oil and gas exploration company’s stock valued at $442,455,000 after acquiring an additional 3,957,104 shares during the period. Norges Bank purchased a new stake in National-Oilwell Varco during the 4th quarter worth approximately $74,143,000. Lord Abbett & CO. LLC increased its stake in National-Oilwell Varco by 1,429.4% during the 4th quarter. Lord Abbett & CO. LLC now owns 2,024,969 shares of the oil and gas exploration company’s stock worth $52,042,000 after buying an additional 1,892,569 shares during the period. American Century Companies Inc. increased its stake in National-Oilwell Varco by 133.5% during the 4th quarter. American Century Companies Inc. now owns 3,110,320 shares of the oil and gas exploration company’s stock worth $79,935,000 after buying an additional 1,777,998 shares during the period. Finally, Deutsche Bank AG increased its stake in National-Oilwell Varco by 118.0% during the 4th quarter. Deutsche Bank AG now owns 2,950,870 shares of the oil and gas exploration company’s stock worth $75,831,000 after buying an additional 1,597,427 shares during the period. 92.82% of the stock is currently owned by institutional investors and hedge funds.

About National-Oilwell Varco

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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Analyst Recommendations for National-Oilwell Varco (NYSE:NOV)

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