National Oilwell Varco’s (NOV) Overweight Rating Reiterated at Morgan Stanley

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.

Analyst Recommendations for National Oilwell Varco (NYSE:NOV)

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