National Oilwell Varco (NOV) Upgraded by Societe Generale to “Buy”

National Oilwell Varco (NOV) Upgraded by Societe Generale to “Buy”

National Oilwell Varco (NYSE:NOV) was upgraded by research analysts at Societe Generale from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $44.00 price target on the oil and gas exploration company’s stock. Societe Generale’s price objective would suggest a potential upside of 17.58% from the company’s previous close.

A number of other analysts have also recently commented on NOV. Citigroup Inc. cut shares of National Oilwell Varco from a “neutral” rating to a “sell” rating and dropped their target price for the company from $37.00 to $30.00 in a report on Monday, October 3rd. Zacks Investment Research cut shares of National Oilwell Varco from a “buy” rating to a “hold” rating in a report on Tuesday, October 18th. Jefferies Group restated a “hold” rating on shares of National Oilwell Varco in a report on Wednesday, November 16th. Seaport Global Securities cut shares of National Oilwell Varco from a “neutral” rating to a “sell” rating and set a $34.00 target price on the stock. in a report on Thursday, December 1st. Finally, Guggenheim cut shares of National Oilwell Varco from a “buy” rating to a “neutral” rating in a report on Tuesday, December 6th. Four analysts have rated the stock with a sell rating, twenty have issued a hold rating and six have given a buy rating to the company’s stock. National Oilwell Varco has a consensus rating of “Hold” and a consensus price target of $34.94.

Shares of National Oilwell Varco (NYSE:NOV) opened at 37.42 on Thursday. The stock’s market cap is $14.13 billion. The company’s 50-day moving average is $38.57 and its 200-day moving average is $35.25. 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 released its quarterly earnings results on Thursday, October 27th. The oil and gas exploration company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.28) by $0.06. The company earned $1.65 billion during the quarter, compared to the consensus estimate of $1.68 billion. National Oilwell Varco had a negative net margin of 38.90% and a negative return on equity of 0.71%. The business’s revenue was down 4.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS. On average, equities research analysts anticipate that National Oilwell Varco will post ($1.00) earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quadrant Capital Group LLC increased 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. TCI Wealth Advisors Inc. increased its position in National Oilwell Varco by 1,441.6% in the third quarter. TCI Wealth Advisors Inc. now owns 2,744 shares of the oil and gas exploration company’s stock worth $101,000 after buying an additional 2,566 shares in the last quarter. New York Life Trust Co. increased its position in National Oilwell Varco by 608.8% in the third quarter. New York Life Trust Co. now owns 2,906 shares of the oil and gas exploration company’s stock worth $107,000 after buying an additional 2,496 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new position in National Oilwell Varco during the third quarter worth approximately $107,000. Finally, Global X Management Co. LLC increased its position in National Oilwell Varco by 94.0% in the third quarter. Global X Management Co. LLC now owns 3,384 shares of the oil and gas exploration company’s stock worth $124,000 after buying an additional 1,640 shares in the last quarter. Hedge funds and other institutional investors own 92.16% 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.

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