CLSA Comments on National Oilwell Varco, Inc.’s FY2017 Earnings (NOV)

National Oilwell Varco, Inc. (NYSE:NOV) – Stock analysts at CLSA raised their FY2017 earnings per share (EPS) estimates for shares of National Oilwell Varco in a note issued to investors on Tuesday. CLSA analyst D. Havens now forecasts that the firm will post earnings per share of ($0.01) for the year, up from their prior forecast of ($0.66). CLSA also issued estimates for National Oilwell Varco’s FY2018 earnings at $0.70 EPS.

Several other brokerages have also recently weighed in on NOV. Johnson Rice cut shares of National Oilwell Varco from a “buy” rating to a “hold” rating in a research report on Friday, December 9th. Credit Suisse Group raised shares of National Oilwell Varco from an “underperform” rating to a “neutral” rating and set a $40.00 price target for the company in a research report on Wednesday. Jefferies Group LLC reaffirmed a “hold” rating and issued a $36.00 target price on shares of National Oilwell Varco in a research report on Wednesday. Simmons raised their target price on shares of National Oilwell Varco from $25.00 to $36.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Scotiabank reaffirmed a “hold” rating and issued a $37.00 target price on shares of National Oilwell Varco in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $36.69.

Earnings History and Estimates for National Oilwell Varco (NYSE:NOV)

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Shares of National Oilwell Varco (NYSE:NOV) opened at 39.42 on Friday. The stock’s 50 day moving average is $38.38 and its 200 day moving average is $35.94. The company’s market capitalization is $14.82 billion. National Oilwell Varco has a 52-week low of $26.86 and a 52-week high of $43.63.

National Oilwell Varco (NYSE:NOV) last posted 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. The company earned $1.69 billion during the quarter, compared to the consensus estimate of $1.62 billion. National Oilwell Varco had a negative net margin of 33.26% and a negative return on equity of 2.08%. The firm’s revenue for the quarter was down 37.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.23 earnings per share.

A number of institutional investors have recently modified their holdings of the stock. TCI Wealth Advisors Inc. increased its position in shares of 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 valued at $101,000 after buying an additional 2,566 shares in the last quarter. New York Life Trust Co. boosted its stake 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 valued at $107,000 after buying an additional 2,496 shares during the last quarter. Chicago Partners Investment Group LLC bought a new stake in National Oilwell Varco during the third quarter valued at about $107,000. Global X Management Co. LLC boosted its stake 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 valued at $124,000 after buying an additional 1,640 shares during the last quarter. Finally, Salem Investment Counselors Inc. bought a new stake in National Oilwell Varco during the third quarter valued at about $147,000. 93.06% of the stock is currently owned by institutional investors and hedge funds.

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About National Oilwell Varco

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.

5 Day Chart for NYSE:NOV

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