National Oilwell Varco (NYSE:NOV) – Seaport Global Securities lowered their Q1 2018 earnings per share (EPS) estimates for shares of National Oilwell Varco in a research note issued on Wednesday. Seaport Global Securities analyst M. Brown now expects that the brokerage will post earnings per share of $0.05 for the quarter, down from their previous forecast of $0.08. Seaport Global Securities currently has a “Neutral” rating on the stock. Seaport Global Securities also issued estimates for National Oilwell Varco’s Q2 2018 earnings at $0.18 EPS, Q3 2018 earnings at $0.29 EPS and FY2018 earnings at $0.96 EPS.
National Oilwell Varco (NYSE:NOV) last announced its earnings results on Thursday, July 28th. The oil and gas exploration company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.02. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.80 billion. National Oilwell Varco had a positive return on equity of 1.83% and a negative net margin of 17.14%. The firm’s revenue for the quarter was down 55.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 EPS.
Several other equities analysts have also recently weighed in on NOV. Vetr raised National Oilwell Varco from a “buy” rating to a “strong-buy” rating and set a $40.44 price objective for the company in a research report on Tuesday, June 21st. Goldman Sachs Group Inc. restated a “neutral” rating on shares of National Oilwell Varco in a research note on Tuesday, July 5th. Jefferies Group restated a “hold” rating and set a $33.00 price target (up from $30.00) on shares of National Oilwell Varco in a research note on Monday, July 11th. Johnson Rice upgraded National Oilwell Varco from a “hold” rating to an “accumulate” rating in a research note on Friday, July 29th. Finally, BMO Capital Markets restated a “sell” rating and set a $25.00 price target on shares of National Oilwell Varco in a research note on Friday, July 29th. Five investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $34.70.
Shares of National Oilwell Varco (NYSE:NOV) traded down 0.41% during mid-day trading on Thursday, reaching $36.14. The company’s stock had a trading volume of 1,992,380 shares. National Oilwell Varco has a 12 month low of $25.74 and a 12 month high of $40.24. The company has a 50 day moving average of $34.65 and a 200-day moving average of $33.05. The firm’s market capitalization is $13.65 billion.
Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in National Oilwell Varco by 21.7% in the second quarter. Vanguard Group Inc. now owns 35,511,716 shares of the oil and gas exploration company’s stock worth $1,194,969,000 after buying an additional 6,330,248 shares during the period. Dodge & Cox boosted its position in National Oilwell Varco by 25.1% in the first quarter. Dodge & Cox now owns 26,622,720 shares of the oil and gas exploration company’s stock worth $827,967,000 after buying an additional 5,347,050 shares during the period. FMR LLC boosted its position in National Oilwell Varco by 75.7% in the second quarter. FMR LLC now owns 7,682,968 shares of the oil and gas exploration company’s stock worth $258,532,000 after buying an additional 3,311,333 shares during the period. Harris Associates L P boosted its position in National Oilwell Varco by 15.3% in the second quarter. Harris Associates L P now owns 13,846,836 shares of the oil and gas exploration company’s stock worth $465,946,000 after buying an additional 1,841,631 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in National Oilwell Varco by 245.1% in the second quarter. Ameriprise Financial Inc. now owns 1,837,373 shares of the oil and gas exploration company’s stock worth $61,830,000 after buying an additional 1,304,952 shares during the period. Hedge funds and other institutional investors own 94.11% of the company’s stock.
In other National Oilwell Varco news, VP Scott K. Duff sold 3,181 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $33.40, for a total transaction of $106,245.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.17% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Wednesday, September 14th. National Oilwell Varco’s dividend payout ratio (DPR) is presently -4.40%.
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.
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