National Oilwell Varco, Inc. (NYSE:NOV) was downgraded by research analysts at Vetr from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday. They presently have a $41.60 target price on the oil and gas exploration company’s stock. Vetr‘s target price indicates a potential upside of 2.31% from the stock’s current price.
Other equities research analysts have also issued reports about the stock. Zacks Investment Research raised shares of National Oilwell Varco from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Friday. Societe Generale raised shares of National Oilwell Varco from a “sell” rating to a “hold” rating and raised their price objective for the stock from $32.10 to $35.00 in a report on Monday, October 31st. Jefferies Group LLC reissued a “hold” rating and set a $36.00 price objective on shares of National Oilwell Varco in a report on Wednesday, February 8th. Scotiabank reissued a “hold” rating and set a $37.00 price objective on shares of National Oilwell Varco in a report on Wednesday, February 8th. Finally, Loop Capital initiated coverage on shares of National Oilwell Varco in a report on Tuesday, February 7th. They set a “hold” rating for the company. Three research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $36.66.
Shares of National Oilwell Varco (NYSE:NOV) traded up 2.68% during midday trading on Tuesday, hitting $40.66. 3,057,478 shares of the stock were exchanged. The company’s market cap is $15.29 billion. The firm has a 50-day moving average price of $38.48 and a 200-day moving average price of $36.12. National Oilwell Varco has a 12-month low of $26.56 and a 12-month high of $43.63.
National Oilwell Varco (NYSE:NOV) last released its quarterly earnings results on Monday, February 6th. The oil and gas exploration company reported ($0.15) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.14. The business earned $1.69 billion during the quarter, compared to analyst estimates 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 business’s revenue was down 37.8% on a year-over-year basis. During the same period last year, the business earned $0.23 EPS. On average, equities analysts predict that National Oilwell Varco will post ($0.38) EPS for the current year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in National Oilwell Varco by 4.9% in the fourth quarter. State Street Corp now owns 22,236,890 shares of the oil and gas exploration company’s stock valued at $832,548,000 after buying an additional 1,044,224 shares during the period. Harris Associates L P increased its position in National Oilwell Varco by 12.2% in the third quarter. Harris Associates L P now owns 15,538,489 shares of the oil and gas exploration company’s stock valued at $570,884,000 after buying an additional 1,691,653 shares during the period. Parnassus Investments CA increased its position in National Oilwell Varco by 20.2% in the third quarter. Parnassus Investments CA now owns 14,062,198 shares of the oil and gas exploration company’s stock valued at $516,645,000 after buying an additional 2,366,764 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in National Oilwell Varco by 1.5% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 9,880,107 shares of the oil and gas exploration company’s stock valued at $362,995,000 after buying an additional 147,005 shares during the period. Finally, Bank of New York Mellon Corp increased its position in National Oilwell Varco by 1.5% in the third quarter. Bank of New York Mellon Corp now owns 9,177,413 shares of the oil and gas exploration company’s stock valued at $337,179,000 after buying an additional 132,833 shares during the period. 94.98% of the stock is currently owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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