According to Zacks, “National Oilwell Varco is one of the biggest manufacturers of drilling equipment in the world. We appreciate the company’s large installed base of worldwide rigs that provides for a steady recurring revenue stream. National Oilwell is also investing in its cost reduction efforts. Owing to these positives, the company has been able to report narrower-than-expected loss in the second quarter. Moreover, with the significant advancement of crude oil from their 12-year lows reached in Feb, producers are likely to revive spending on drilling activities that would spur rig count. This, in turn, will result in improved demand for oilfield equipments, thereby driving NOV's revenues, earnings and cash flow. Nonetheless, while being incrementally positive on National Oilwell Varco, we expect the shares to remain soft until commodity prices recover sufficiently.”
Several other research firms also recently commented on NOV. Jefferies Group reiterated a hold rating and issued a $32.00 price objective on shares of National Oilwell Varco in a research note on Monday, August 1st. Citigroup Inc. downgraded National Oilwell Varco from a neutral rating to a sell rating and dropped their price objective for the company from $37.00 to $30.00 in a research note on Monday, October 3rd. Seaport Global Securities reiterated a neutral rating on shares of National Oilwell Varco in a research note on Friday, August 19th. Vetr downgraded National Oilwell Varco from a strong-buy rating to a buy rating and set a $40.44 price objective on the stock. in a research note on Monday, June 27th. Finally, BMO Capital Markets reiterated a sell rating and issued a $25.00 price objective on shares of National Oilwell Varco in a research note on Friday, July 29th. Five investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and seven have issued a buy rating to the company’s stock. National Oilwell Varco has a consensus rating of Hold and an average price target of $34.70.
Shares of National Oilwell Varco (NYSE:NOV) traded up 1.47% during midday trading on Tuesday, hitting $37.20. The company’s stock had a trading volume of 1,011,699 shares. National Oilwell Varco has a 52-week low of $25.74 and a 52-week high of $40.24. The stock’s 50 day moving average is $34.79 and its 200-day moving average is $33.19. The firm’s market cap is $14.05 billion.
National Oilwell Varco (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 28th. The oil and gas exploration company reported ($0.30) EPS for the quarter, beating the 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 business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the prior year, the business earned $0.77 earnings per share. National Oilwell Varco’s revenue for the quarter was down 55.9% on a year-over-year basis. Equities analysts predict that National Oilwell Varco will post ($0.92) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were paid a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. National Oilwell Varco’s dividend payout ratio is presently -4.40%.
In related news, VP Scott K. Duff sold 3,181 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $33.40, for a total value of $106,245.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.17% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC boosted its position in National Oilwell Varco by 13.6% in the second quarter. Quadrant Capital Group LLC now owns 3,126 shares of the oil and gas exploration company’s stock worth $101,000 after buying an additional 375 shares in the last quarter. WFG Advisors LP boosted its position in National Oilwell Varco by 16.1% in the second quarter. WFG Advisors LP now owns 3,790 shares of the oil and gas exploration company’s stock worth $128,000 after buying an additional 526 shares in the last quarter. FUKOKU MUTUAL LIFE INSURANCE Co boosted its position in National Oilwell Varco by 27.5% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 5,100 shares of the oil and gas exploration company’s stock worth $172,000 after buying an additional 1,100 shares in the last quarter. Evercore Wealth Management LLC boosted its position in National Oilwell Varco by 43.7% in the second quarter. Evercore Wealth Management LLC now owns 5,323 shares of the oil and gas exploration company’s stock worth $179,000 after buying an additional 1,618 shares in the last quarter. Finally, Mizuho Asset Management Co. Ltd. boosted its position in National Oilwell Varco by 64.2% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 5,371 shares of the oil and gas exploration company’s stock worth $181,000 after buying an additional 2,100 shares in the last quarter. 94.09% of the stock is currently owned by institutional investors and hedge funds.
National Oilwell Varco Company Profile
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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