National Oilwell Varco, Inc. (NYSE:NOV)‘s stock had its “hold” rating reissued by equities research analysts at Scotiabank in a research report issued to clients and investors on Wednesday. They currently have a $37.00 price target on the oil and gas exploration company’s stock. Scotiabank’s price objective would suggest a potential downside of 5.64% from the stock’s previous close.
Several other analysts have also recently weighed in on NOV. Credit Suisse Group upgraded shares of National Oilwell Varco from an “underperform” rating to a “neutral” rating and set a $40.00 price target on the stock in a report on Wednesday. Jefferies Group LLC reiterated a “hold” rating and issued a $36.00 price target on shares of National Oilwell Varco in a report on Wednesday. Seaport Global Securities cut shares of National Oilwell Varco from a “neutral” rating to a “sell” rating and set a $34.00 price target on the stock. in a report on Thursday, December 1st. Instinet restated a “neutral” rating and set a $35.00 target price on shares of National Oilwell Varco in a report on Tuesday. Finally, Simmons boosted their target price on shares of National Oilwell Varco to $36.00 in a report on Wednesday. Three analysts have rated the stock with a sell rating, twenty have issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $36.40.
National Oilwell Varco (NYSE:NOV) traded down 0.20% on Wednesday, reaching $39.21. 5,106,861 shares of the company’s stock traded hands. The company’s market cap is $14.81 billion. The firm’s 50 day moving average price is $38.36 and its 200 day moving average price is $35.86. National Oilwell Varco has a 12 month low of $25.74 and a 12 month high of $43.63.
National Oilwell Varco (NYSE:NOV) last issued its earnings results on Monday, February 6th. The oil and gas exploration company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.14. National Oilwell Varco had a negative net margin of 33.26% and a negative return on equity of 2.02%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the previous year, the firm earned $0.23 earnings per share. The firm’s revenue for the quarter was down 37.8% on a year-over-year basis. On average, equities analysts expect that National Oilwell Varco will post ($0.49) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hanlon Investment Management Inc. bought a new stake in National Oilwell Varco during the second quarter worth about $5,040,000. Nuance Investments LLC bought a new stake in National Oilwell Varco during the second quarter worth about $1,531,000. Chicago Equity Partners LLC bought a new stake in National Oilwell Varco during the second quarter worth about $221,000. Becker Capital Management Inc. increased its stake in National Oilwell Varco by 81.3% in the second quarter. Becker Capital Management Inc. now owns 598,162 shares of the oil and gas exploration company’s stock worth $20,128,000 after buying an additional 268,267 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in National Oilwell Varco by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 9,044,580 shares of the oil and gas exploration company’s stock worth $304,350,000 after buying an additional 126,412 shares during the period. Institutional investors and hedge funds own 93.06% of the company’s stock.
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.