National Oilwell Varco (NYSE:NOV) Lifted to “Outperform” at Wolfe Research


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Wolfe Research upgraded shares of National Oilwell Varco (NYSE:NOV) from a peer perform rating to an outperform rating in a research note released on Monday morning, The Fly reports.

A number of other analysts have also weighed in on the stock. Smith Barney Citigroup increased their price objective on shares of National Oilwell Varco from $12.00 to $15.00 in a research note on Tuesday, December 15th. Wells Fargo & Company dropped their price target on shares of National Oilwell Varco from $13.50 to $12.00 and set an equal weight rating on the stock in a research report on Wednesday, October 28th. Morgan Stanley lowered shares of National Oilwell Varco from an equal weight rating to an underweight rating in a research report on Tuesday, November 10th. They noted that the move was a valuation call. BidaskClub upgraded shares of National Oilwell Varco from a sell rating to a hold rating in a research report on Thursday, January 7th. Finally, Credit Suisse Group lifted their target price on shares of National Oilwell Varco from $14.00 to $15.00 and gave the company an outperform rating in a research report on Wednesday, October 28th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the company. National Oilwell Varco has a consensus rating of Hold and a consensus price target of $14.96.

NYSE NOV opened at $15.35 on Monday. The company has a fifty day simple moving average of $13.99 and a two-hundred day simple moving average of $11.74. The stock has a market cap of $5.96 billion, a P/E ratio of -2.28 and a beta of 2.21. National Oilwell Varco has a 12-month low of $7.70 and a 12-month high of $24.75. The company has a current ratio of 2.85, a quick ratio of 1.93 and a debt-to-equity ratio of 0.33.

National Oilwell Varco (NYSE:NOV) last released its quarterly earnings data on Monday, October 26th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.04). The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.38 billion. National Oilwell Varco had a positive return on equity of 1.13% and a negative net margin of 36.63%. The firm’s revenue was down 34.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.04 EPS. As a group, sell-side analysts forecast that National Oilwell Varco will post -0.12 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of NOV. Private Advisor Group LLC purchased a new position in National Oilwell Varco during the second quarter worth about $27,000. AXA S.A. acquired a new position in National Oilwell Varco during the 3rd quarter worth approximately $104,000. IBM Retirement Fund acquired a new position in National Oilwell Varco during the 3rd quarter worth approximately $114,000. Cigna Investments Inc. New grew its holdings in National Oilwell Varco by 14.3% during the 2nd quarter. Cigna Investments Inc. New now owns 12,385 shares of the oil and gas exploration company’s stock worth $152,000 after acquiring an additional 1,550 shares in the last quarter. Finally, Dupont Capital Management Corp grew its holdings in National Oilwell Varco by 27.4% during the 3rd quarter. Dupont Capital Management Corp now owns 18,768 shares of the oil and gas exploration company’s stock worth $170,000 after acquiring an additional 4,037 shares in the last quarter. 96.41% of the stock is currently owned by institutional investors.

National Oilwell Varco Company Profile

National Oilwell Varco, Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The company 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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