National Oilwell Varco, Inc. (NOV) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of National Oilwell Varco, Inc. (NYSE:NOV) from a hold rating to a buy rating in a report issued on Monday morning. They currently have $39.00 price objective on the oil and gas exploration company’s stock.

According to Zacks, “Ahead of National Oilwell Varco's Q3 results, we are taking a bullish stance on the company. Aggressive cost reduction and improved efficiencies helped the energy equipment maker wade through tough industry conditions prevailing over the past few years. Moreover, with oil now stabilizing around the $50 per barrel level, NOV is eyeing higher product sales. While maintaining its decent track record of earnings surprise history of a single miss in the last 4 quarters, NOV has performed better than the Zacks 'Oil Field machineries & Equipment' industry during that period. We further believe that the drilling equipment maker’s large installed base of worldwide rigs provide for a steady recurring revenue stream. Consequently, we think NOV offers upside potential from current levels and label it as an attractive investment.”

A number of other research firms have also recently weighed in on NOV. BMO Capital Markets reaffirmed a sell rating and issued a $30.00 price objective on shares of National Oilwell Varco in a report on Thursday, June 22nd. BidaskClub cut shares of National Oilwell Varco from a sell rating to a strong sell rating in a report on Saturday, August 12th. ValuEngine raised shares of National Oilwell Varco from a sell rating to a hold rating in a report on Wednesday, September 20th. Credit Suisse Group set a $35.00 price objective on shares of National Oilwell Varco and gave the stock a hold rating in a report on Saturday, July 29th. Finally, FBR & Co reaffirmed a buy rating and issued a $42.00 price objective on shares of National Oilwell Varco in a report on Thursday, August 31st. Four equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Hold and a consensus price target of $38.59.

National Oilwell Varco (NOV) opened at 35.24 on Monday. The stock’s 50 day moving average is $33.33 and its 200-day moving average is $33.92. National Oilwell Varco has a 52 week low of $29.90 and a 52 week high of $43.63. The firm’s market capitalization is $13.39 billion.

National Oilwell Varco (NYSE:NOV) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.14). National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period last year, the firm posted ($0.30) EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities research analysts expect that National Oilwell Varco will post ($0.41) EPS for the current year.

ILLEGAL ACTIVITY WARNING: “National Oilwell Varco, Inc. (NOV) Upgraded to “Buy” by Zacks Investment Research” was originally reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this article on another site, it was illegally stolen and republished in violation of United States and international copyright & trademark law. The legal version of this article can be read at https://ledgergazette.com/2017/10/10/national-oilwell-varco-inc-nov-upgraded-to-buy-by-zacks-investment-research.html.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.05 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.20 annualized dividend and a dividend yield of 0.57%. National Oilwell Varco’s dividend payout ratio is currently -3.31%.

Institutional investors and hedge funds have recently made changes to their positions in the company. IHT Wealth Management LLC grew its stake in shares of National Oilwell Varco by 1,923.1% in the 2nd quarter. IHT Wealth Management LLC now owns 526 shares of the oil and gas exploration company’s stock worth $112,000 after purchasing an additional 500 shares during the last quarter. FNY Partners Fund LP acquired a new position in shares of National Oilwell Varco in the 1st quarter worth approximately $120,000. Exane Derivatives grew its stake in shares of National Oilwell Varco by 113.8% in the 2nd quarter. Exane Derivatives now owns 3,985 shares of the oil and gas exploration company’s stock worth $131,000 after purchasing an additional 2,121 shares during the last quarter. United Capital Financial Advisers LLC acquired a new position in shares of National Oilwell Varco in the 1st quarter worth approximately $206,000. Finally, Harfst & Associates Inc. acquired a new position in shares of National Oilwell Varco in the 1st quarter worth approximately $209,000. 90.29% of the stock is currently owned by institutional investors.

About National Oilwell Varco

According to Zacks, “Ahead of National Oilwell Varco's Q3 results, we are taking a bullish stance on the company. Aggressive cost reduction and improved efficiencies helped the energy equipment maker wade through tough industry conditions prevailing over the past few years. Moreover, with oil now stabilizing around the $50 per barrel level, NOV is eyeing higher product sales. While maintaining its decent track record of earnings surprise history of a single miss in the last 4 quarters, NOV has performed better than the Zacks 'Oil Field machineries & Equipment' industry during that period. We further believe that the drilling equipment maker’s large installed base of worldwide rigs provide for a steady recurring revenue stream. Consequently, we think NOV offers upside potential from current levels and label it as an attractive investment.”

A number of other research firms have also recently weighed in on NOV. BMO Capital Markets reaffirmed a sell rating and issued a $30.00 price objective on shares of National Oilwell Varco in a report on Thursday, June 22nd. BidaskClub cut shares of National Oilwell Varco from a sell rating to a strong sell rating in a report on Saturday, August 12th. ValuEngine raised shares of National Oilwell Varco from a sell rating to a hold rating in a report on Wednesday, September 20th. Credit Suisse Group set a $35.00 price objective on shares of National Oilwell Varco and gave the stock a hold rating in a report on Saturday, July 29th. Finally, FBR & Co reaffirmed a buy rating and issued a $42.00 price objective on shares of National Oilwell Varco in a report on Thursday, August 31st. Four equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Hold and a consensus price target of $38.59.

National Oilwell Varco (NOV) opened at 35.24 on Monday. The stock’s 50 day moving average is $33.33 and its 200-day moving average is $33.92. National Oilwell Varco has a 52 week low of $29.90 and a 52 week high of $43.63. The firm’s market capitalization is $13.39 billion.

National Oilwell Varco (NYSE:NOV) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.14). National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period last year, the firm posted ($0.30) EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities research analysts expect that National Oilwell Varco will post ($0.41) EPS for the current year.

ILLEGAL ACTIVITY WARNING: “National Oilwell Varco, Inc. (NOV) Upgraded to “Buy” by Zacks Investment Research” was originally reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this article on another site, it was illegally stolen and republished in violation of United States and international copyright & trademark law. The legal version of this article can be read at https://ledgergazette.com/2017/10/10/national-oilwell-varco-inc-nov-upgraded-to-buy-by-zacks-investment-research.html.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were paid a $0.05 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.20 annualized dividend and a dividend yield of 0.57%. National Oilwell Varco’s dividend payout ratio is currently -3.31%.

Institutional investors and hedge funds have recently made changes to their positions in the company. IHT Wealth Management LLC grew its stake in shares of National Oilwell Varco by 1,923.1% in the 2nd quarter. IHT Wealth Management LLC now owns 526 shares of the oil and gas exploration company’s stock worth $112,000 after purchasing an additional 500 shares during the last quarter. FNY Partners Fund LP acquired a new position in shares of National Oilwell Varco in the 1st quarter worth approximately $120,000. Exane Derivatives grew its stake in shares of National Oilwell Varco by 113.8% in the 2nd quarter. Exane Derivatives now owns 3,985 shares of the oil and gas exploration company’s stock worth $131,000 after purchasing an additional 2,121 shares during the last quarter. United Capital Financial Advisers LLC acquired a new position in shares of National Oilwell Varco in the 1st quarter worth approximately $206,000. Finally, Harfst & Associates Inc. acquired a new position in shares of National Oilwell Varco in the 1st quarter worth approximately $209,000. 90.29% of the stock is currently owned by institutional investors.

About National Oilwell Varco

National Oilwell Varco, Inc is an oilfield equipment manufacturer and technology provider. The Company operates through four segments: Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. The Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore.

Analyst Recommendations for National Oilwell Varco (NYSE:NOV)

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