National-Oilwell Varco (NYSE:NOV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “With crude prices moving back over $60 and drilling activity on the mend, we expect to see National Oilwell Varco's revenue, earnings and cash flow to grow gradually. In particular, strong demand for the company's onshore focussed Wellbore segment bodes well for the energy equipment maker. We also like National Oilwell's aggressive cost reduction and improved efficiencies, which has helped it wade through tough industry conditions prevailing over the past few years. We further believe that NOV’s large installed base of worldwide rigs provide for a steady recurring revenue stream. However, NOV is witnessing lack of demand from offshore markets. The challenges associated with the business has pushed NOV's marine and offshore backlog to record low levels. Hence, while being incrementally positive on NOV, we expect the shares to remain soft.”
Several other research firms have also weighed in on NOV. Royal Bank of Canada set a $37.00 target price on National-Oilwell Varco and gave the company a “hold” rating in a report on Thursday, December 21st. Susquehanna Bancshares set a $35.00 target price on National-Oilwell Varco and gave the company a “hold” rating in a report on Friday, January 12th. Piper Jaffray Companies reissued a “buy” rating and issued a $34.00 target price on shares of National-Oilwell Varco in a report on Thursday, December 21st. SunTrust Banks raised National-Oilwell Varco from a “sell” rating to a “hold” rating in a report on Wednesday, November 29th. Finally, Barclays set a $37.00 target price on National-Oilwell Varco and gave the company an “equal weight” rating in a report on Thursday, February 8th. Five research analysts have rated the stock with a sell rating, seventeen have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $37.55.
National-Oilwell Varco (NYSE NOV) traded up $0.01 during trading on Tuesday, reaching $37.61. The company’s stock had a trading volume of 937,644 shares, compared to its average volume of 3,298,911. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.07 and a quick ratio of 1.79. The firm has a market capitalization of $14,339.02, a price-to-earnings ratio of -59.70, a price-to-earnings-growth ratio of 24.12 and a beta of 0.88. National-Oilwell Varco has a 12 month low of $29.90 and a 12 month high of $40.90.
National-Oilwell Varco (NYSE:NOV) last posted its earnings results on Monday, February 5th. The oil and gas exploration company reported ($0.04) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.04). The company had revenue of $1.97 billion for the quarter. National-Oilwell Varco had a negative return on equity of 1.10% and a negative net margin of 3.24%. During the same period last year, the company posted ($0.15) EPS. equities research analysts anticipate that National-Oilwell Varco will post 0.26 earnings per share for the current fiscal year.
In related news, VP Scott K. Duff sold 7,421 shares of the stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $35.66, for a total transaction of $264,632.86. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB lifted its position in National-Oilwell Varco by 20.2% during the fourth quarter. Xact Kapitalforvaltning AB now owns 39,105 shares of the oil and gas exploration company’s stock worth $1,409,000 after buying an additional 6,583 shares during the period. Envestnet Asset Management Inc. lifted its position in National-Oilwell Varco by 318.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 101,168 shares of the oil and gas exploration company’s stock worth $3,644,000 after buying an additional 76,989 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in National-Oilwell Varco by 5.8% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 217,343 shares of the oil and gas exploration company’s stock worth $7,829,000 after buying an additional 11,942 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in National-Oilwell Varco by 32.0% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 29,694 shares of the oil and gas exploration company’s stock worth $1,070,000 after buying an additional 7,200 shares during the period. Finally, 683 Capital Management LLC lifted its position in National-Oilwell Varco by 22.9% during the fourth quarter. 683 Capital Management LLC now owns 295,000 shares of the oil and gas exploration company’s stock worth $10,626,000 after buying an additional 55,000 shares during the period. Hedge funds and other institutional investors own 93.57% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for National-Oilwell Varco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for National-Oilwell Varco and related companies with MarketBeat.com's FREE daily email newsletter.