Morgan Stanley restated their overweight rating on shares of National Oilwell Varco, Inc. (NYSE:NOV) in a report published on Wednesday morning. The firm currently has a $50.00 price objective on the oil and gas exploration company’s stock, down from their previous price objective of $60.00.
A number of other research analysts have also recently issued reports on the company. Vetr raised National Oilwell Varco from a buy rating to a strong-buy rating and set a $44.47 price objective for the company in a report on Monday, March 20th. Zacks Investment Research cut National Oilwell Varco from a hold rating to a sell rating in a report on Tuesday, April 18th. Tudor Pickering initiated coverage on National Oilwell Varco in a report on Thursday, March 23rd. They set a hold rating for the company. Jefferies Group LLC reissued a hold rating and set a $36.00 price objective on shares of National Oilwell Varco in a report on Tuesday, April 11th. Finally, Scotiabank reissued a hold rating and set a $37.00 price objective on shares of National Oilwell Varco in a report on Wednesday, March 22nd. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $39.47.
National Oilwell Varco (NYSE NOV) traded up 0.964% during trading on Wednesday, hitting $31.945. 802,546 shares of the stock traded hands. National Oilwell Varco has a one year low of $29.79 and a one year high of $43.63. The company has a 50-day moving average price of $33.59 and a 200 day moving average price of $37.31. The stock’s market cap is $12.14 billion.
National Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Wednesday, April 26th. The oil and gas exploration company reported ($0.17) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.03. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.67 billion. National Oilwell Varco had a negative return on equity of 2.44% and a negative net margin of 35.50%. The business’s revenue was down 20.5% on a year-over-year basis. During the same period last year, the business earned ($0.06) earnings per share. Analysts expect that National Oilwell Varco will post ($0.40) earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be given a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $0.20 dividend on an annualized basis and a yield of 0.63%. National Oilwell Varco’s payout ratio is -3.12%.
A number of hedge funds have recently made changes to their positions in the company. FNY Partners Fund LP purchased a new stake 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 period. WMS Partners LLC bought a new position in shares of National Oilwell Varco during the first quarter worth about $200,000. Tiedemann Wealth Management LLC bought a new position in shares of National Oilwell Varco during the first quarter worth about $203,000. Finally, Murphy Pohlad Asset Management LLC bought a new position in shares of National Oilwell Varco during the first quarter worth about $203,000. Hedge funds and other institutional investors own 91.55% of the company’s stock.
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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