Analysts at Morgan Stanley started coverage on shares of National-Oilwell Varco (NYSE:NOV) in a report issued on Tuesday, September 18th, MarketBeat.com reports. The firm set an “equal weight” rating and a $50.00 price target on the oil and gas exploration company’s stock. Morgan Stanley’s price objective indicates a potential upside of 19.30% from the stock’s previous close.
A number of other brokerages have also recently commented on NOV. Credit Suisse Group set a $43.00 target price on shares of National-Oilwell Varco and gave the company a “hold” rating in a research report on Monday, July 30th. Stifel Nicolaus began coverage on shares of National-Oilwell Varco in a research report on Monday, September 10th. They issued a “buy” rating and a $54.00 target price for the company. R. F. Lafferty upgraded shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and increased their target price for the company from $41.00 to $51.00 in a research report on Tuesday, August 21st. Edward Jones cut shares of National-Oilwell Varco from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Finally, Citigroup cut their price objective on shares of National-Oilwell Varco from $49.00 to $48.00 and set a “neutral” rating for the company in a research report on Friday, September 14th. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $44.32.
NYSE NOV traded up $0.01 during mid-day trading on Tuesday, reaching $41.91. 3,157,276 shares of the stock were exchanged, compared to its average volume of 3,132,769. National-Oilwell Varco has a 1 year low of $31.47 and a 1 year high of $49.08. The company has a market capitalization of $16.48 billion, a PE ratio of -99.79, a price-to-earnings-growth ratio of 46.67 and a beta of 0.93. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.75 and a current ratio of 3.19.
National-Oilwell Varco (NYSE:NOV) last announced its quarterly earnings results on Thursday, July 26th. The oil and gas exploration company reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.04. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2 billion. National-Oilwell Varco had a negative net margin of 1.09% and a negative return on equity of 0.60%. The firm’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.14) earnings per share. On average, equities analysts expect that National-Oilwell Varco will post 0.15 EPS for the current year.
In other news, Chairman Clay C. Williams sold 465,116 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $47.91, for a total value of $22,283,707.56. Following the completion of the transaction, the chairman now owns 811,642 shares of the company’s stock, valued at $38,885,768.22. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Craig L. Weinstock sold 3,709 shares of the firm’s stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $48.02, for a total transaction of $178,106.18. Following the completion of the transaction, the vice president now directly owns 42,663 shares of the company’s stock, valued at approximately $2,048,677.26. The disclosure for this sale can be found here. In the last three months, insiders sold 514,559 shares of company stock valued at $24,588,009. Insiders own 0.79% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Quad Cities Investment Group LLC purchased a new position in National-Oilwell Varco in the second quarter worth approximately $104,000. Whittier Trust Co. raised its holdings in National-Oilwell Varco by 180.6% during the second quarter. Whittier Trust Co. now owns 2,455 shares of the oil and gas exploration company’s stock worth $202,000 after purchasing an additional 1,580 shares in the last quarter. Cerebellum GP LLC acquired a new stake in National-Oilwell Varco during the third quarter worth approximately $163,000. Vanguard Capital Wealth Advisors acquired a new stake in National-Oilwell Varco during the second quarter worth approximately $295,000. Finally, Piedmont Investment Advisors LLC acquired a new stake in National-Oilwell Varco during the second quarter worth approximately $194,000. Institutional investors own 95.63% of the company’s stock.
National-Oilwell Varco Company Profile
National Oilwell Varco, Inc designs, manufactures, and sells systems and components used in oil and gas drilling and production; and provides oilfield services to the upstream oil and gas industry worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.
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