Citigroup Inc. downgraded shares of National Oilwell Varco (NYSE:NOV) from a neutral rating to a sell rating in a research report report published on Monday. Citigroup Inc. currently has $30.00 price objective on the oil and gas exploration company’s stock, down from their prior price objective of $37.00.
NOV has been the topic of several other reports. Scotiabank reissued a sector perform rating and issued a $37.00 price target (up from $32.00) on shares of National Oilwell Varco in a research note on Wednesday, June 15th. Johnson Rice raised National Oilwell Varco from a hold rating to an accumulate rating in a research note on Friday, July 29th. Vetr raised National Oilwell Varco from a buy rating to a strong-buy rating and set a $37.96 price target on the stock in a research note on Wednesday, June 15th. Jefferies Group reissued a hold rating and issued a $33.00 price target (up from $30.00) on shares of National Oilwell Varco in a research note on Monday, July 11th. Finally, Nomura set a $29.00 price target on National Oilwell Varco and gave the company a hold rating in a research note on Tuesday, August 16th. Five equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $34.70.
National Oilwell Varco (NYSE:NOV) opened at 37.01 on Monday. The company’s market capitalization is $13.98 billion. National Oilwell Varco has a 1-year low of $25.74 and a 1-year high of $41.21. The company has a 50 day moving average of $34.47 and a 200 day moving average of $32.88.
National Oilwell Varco (NYSE:NOV) last issued its quarterly earnings results on Thursday, July 28th. The oil and gas exploration company reported ($0.30) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.02. National Oilwell Varco had a positive return on equity of 1.83% and a negative net margin of 17.14%. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period in the previous year, the firm earned $0.77 earnings per share. The company’s revenue was down 55.9% compared to the same quarter last year. On average, analysts predict that National Oilwell Varco will post ($0.92) earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were paid a $0.05 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $0.20 annualized dividend and a yield of 0.54%. National Oilwell Varco’s dividend payout ratio is currently -4.40%.
In other National Oilwell Varco news, VP Scott K. Duff sold 3,181 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $33.40, for a total value of $106,245.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Virginia Retirement System acquired a new stake in National Oilwell Varco during the first quarter valued at $700,000. IFP Advisors Inc boosted its stake in National Oilwell Varco by 52.2% in the first quarter. IFP Advisors Inc now owns 9,474 shares of the oil and gas exploration company’s stock valued at $295,000 after buying an additional 3,249 shares during the last quarter. Ngam Advisors L.P. boosted its stake in National Oilwell Varco by 1.2% in the first quarter. Ngam Advisors L.P. now owns 120,478 shares of the oil and gas exploration company’s stock valued at $3,747,000 after buying an additional 1,405 shares during the last quarter. Teachers Advisors Inc. boosted its stake in National Oilwell Varco by 4.5% in the first quarter. Teachers Advisors Inc. now owns 625,196 shares of the oil and gas exploration company’s stock valued at $19,444,000 after buying an additional 27,045 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in National Oilwell Varco by 7.3% in the first quarter. Prudential Financial Inc. now owns 1,057,002 shares of the oil and gas exploration company’s stock valued at $32,873,000 after buying an additional 71,500 shares during the last quarter. 94.11% of the stock is currently owned by hedge funds and other institutional investors.
About National Oilwell Varco
National Oilwell Varco, Inc (NOV) is engaged in providing design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations. The Company operates through four segments: Rig Systems, which makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore; Rig Aftermarket, which provides aftermarket products and services to support land and offshore rigs, and drilling rig components manufactured by the Company’s Rig Systems segment; Wellbore Technologies, which sells and rents solids control equipment, and provides solids control, waste management and drilling fluids services, and Completion & Production Solutions, which provides technologies for well completions and oil and gas production.
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