Piper Jaffray Companies upgraded shares of National Oilwell Varco, Inc. (NYSE:NOV) from a neutral rating to an overweight rating in a research report report published on Tuesday, MarketBeat.com reports. Piper Jaffray Companies currently has $37.00 price objective on the oil and gas exploration company’s stock, up from their prior price objective of $36.00.
NOV has been the subject of a number of other reports. Vetr raised shares of National Oilwell Varco from a buy rating to a strong-buy rating and set a $45.50 price target for the company in a research note on Monday, April 3rd. Tudor Pickering assumed coverage on shares of National Oilwell Varco in a research note on Thursday, March 23rd. They set a hold rating for the company. Zacks Investment Research cut shares of National Oilwell Varco from a hold rating to a sell rating in a report on Tuesday, April 18th. R. F. Lafferty assumed coverage on shares of National Oilwell Varco in a report on Thursday, April 6th. They set a hold rating and a $39.00 price target on the stock. Finally, Jefferies Group LLC set a $38.00 price target on shares of National Oilwell Varco and gave the company a hold rating in a report on Wednesday, May 31st. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Hold and an average price target of $38.89.
Shares of National Oilwell Varco (NOV) traded down 2.65% on Tuesday, reaching $32.29. The company had a trading volume of 1,475,804 shares. The company’s market capitalization is $12.27 billion. National Oilwell Varco has a one year low of $29.79 and a one year high of $43.63. The company’s 50-day moving average is $33.59 and its 200-day moving average is $37.31.
National Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Wednesday, April 26th. The oil and gas exploration company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03. National Oilwell Varco had a negative net margin of 35.50% and a negative return on equity of 2.44%. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period in the prior year, the firm posted ($0.06) earnings per share. The company’s quarterly revenue was down 20.5% compared to the same quarter last year. Equities research analysts predict that National Oilwell Varco will post ($0.40) earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 16th will be paid a $0.05 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.60%. National Oilwell Varco’s payout ratio is currently -3.12%.
Institutional investors have recently modified their holdings of the company. FNY Partners Fund LP acquired a new position in shares of National Oilwell Varco during the first quarter worth approximately $120,000. Quadrant Capital Group LLC boosted its position in shares of National Oilwell Varco by 6.8% in the first quarter. Quadrant Capital Group LLC now owns 3,214 shares of the oil and gas exploration company’s stock worth $122,000 after buying an additional 205 shares during the last quarter. WMS Partners LLC acquired a new position in shares of National Oilwell Varco during the first quarter worth approximately $200,000. IFM Investors Pty Ltd acquired a new position in shares of National Oilwell Varco during the fourth quarter worth approximately $202,000. Finally, Murphy Pohlad Asset Management LLC acquired a new position in shares of National Oilwell Varco during the first quarter worth approximately $203,000. 91.55% of the stock is owned by institutional investors and hedge funds.
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.
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