Smith Barney Citigroup Upgrades National Oilwell Varco (NYSE:NOV) to Buy


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National Oilwell Varco (NYSE:NOV) was upgraded by equities research analysts at Smith Barney Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, The Fly reports.

A number of other analysts have also recently weighed in on NOV. Morgan Stanley cut shares of National Oilwell Varco from an “equal weight” rating to an “underweight” rating in a report on Tuesday, November 10th. They noted that the move was a valuation call. BMO Capital Markets started coverage on shares of National Oilwell Varco in a research note on Thursday, October 1st. They issued an “underperform” rating and a $9.00 target price for the company. Stifel Nicolaus lowered their target price on shares of National Oilwell Varco from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. Wells Fargo & Company lowered their target price on shares of National Oilwell Varco from $13.50 to $12.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 28th. Finally, BidaskClub upgraded shares of National Oilwell Varco from a “sell” rating to a “hold” rating in a research note on Thursday, January 7th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. National Oilwell Varco has an average rating of “Hold” and a consensus price target of $14.96.

NYSE:NOV opened at $15.35 on Tuesday. National Oilwell Varco has a fifty-two week low of $7.70 and a fifty-two week high of $24.75. The stock has a market capitalization of $5.96 billion, a P/E ratio of -2.28 and a beta of 2.21. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.93 and a current ratio of 2.85. The company’s 50-day simple moving average is $13.99 and its 200-day simple moving average is $11.74.

National Oilwell Varco (NYSE:NOV) last released its quarterly earnings results on Monday, October 26th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.04). National Oilwell Varco had a negative net margin of 36.63% and a positive return on equity of 1.13%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the prior year, the business posted $0.04 earnings per share. The firm’s quarterly revenue was down 34.9% on a year-over-year basis. On average, research analysts forecast that National Oilwell Varco will post -0.12 EPS for the current year.

Several large investors have recently bought and sold shares of NOV. Pzena Investment Management LLC increased its holdings in National Oilwell Varco by 20.2% in the 3rd quarter. Pzena Investment Management LLC now owns 37,946,645 shares of the oil and gas exploration company’s stock worth $343,797,000 after acquiring an additional 6,374,977 shares in the last quarter. Oldfield Partners LLP increased its holdings in National Oilwell Varco by 34.5% in the 3rd quarter. Oldfield Partners LLP now owns 7,559,081 shares of the oil and gas exploration company’s stock worth $68,485,000 after acquiring an additional 1,940,079 shares in the last quarter. Ninety One UK Ltd increased its holdings in National Oilwell Varco by 35.8% in the 2nd quarter. Ninety One UK Ltd now owns 2,567,027 shares of the oil and gas exploration company’s stock worth $31,446,000 after acquiring an additional 676,636 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in National Oilwell Varco by 11.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,919,054 shares of the oil and gas exploration company’s stock worth $23,509,000 after acquiring an additional 189,417 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in National Oilwell Varco by 48.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,614,145 shares of the oil and gas exploration company’s stock worth $14,624,000 after acquiring an additional 529,447 shares in the last quarter. 96.41% of the stock is owned by hedge funds and other institutional investors.

National Oilwell Varco Company Profile

National Oilwell Varco, Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The company offers various equipment and technologies used to perform drilling operations.

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Analyst Recommendations for National Oilwell Varco (NYSE:NOV)

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