National Oilwell Varco, Inc. (NOV) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of National Oilwell Varco, Inc. (NYSE:NOV) from a hold rating to a buy rating in a research report released on Monday. They currently have $39.00 price target on the oil and gas exploration company’s stock.

According to Zacks, “Ahead of National Oilwell Varco's Q3 results, we are taking a bullish stance on the company. Aggressive cost reduction and improved efficiencies helped the energy equipment maker wade through tough industry conditions prevailing over the past few years. Moreover, with oil now stabilizing around the $50 per barrel level, NOV is eyeing higher product sales. While maintaining its decent track record of earnings surprise history of a single miss in the last 4 quarters, NOV has performed better than the Zacks 'Oil Field machineries & Equipment' industry during that period. We further believe that the drilling equipment maker’s large installed base of worldwide rigs provide for a steady recurring revenue stream. Consequently, we think NOV offers upside potential from current levels and label it as an attractive investment.”

Other equities research analysts have also issued reports about the stock. Piper Jaffray Companies upgraded shares of National Oilwell Varco from a neutral rating to an overweight rating and lifted their price target for the stock from $36.00 to $37.00 in a research note on Tuesday, June 20th. Morgan Stanley reiterated an overweight rating and set a $50.00 price target (down from $60.00) on shares of National Oilwell Varco in a research note on Wednesday, June 21st. BMO Capital Markets reiterated a sell rating and set a $30.00 price target on shares of National Oilwell Varco in a research note on Thursday, June 22nd. BidaskClub upgraded shares of National Oilwell Varco from a strong sell rating to a sell rating in a research note on Wednesday, July 5th. Finally, Wells Fargo & Company reiterated a market perform rating on shares of National Oilwell Varco in a research note on Monday, July 10th. Five analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $38.61.

Shares of National Oilwell Varco (NYSE:NOV) traded down 1.34% during trading on Monday, reaching $34.51. 288,528 shares of the company were exchanged. National Oilwell Varco has a 1-year low of $29.90 and a 1-year high of $43.63. The stock’s market capitalization is $13.12 billion. The firm has a 50-day moving average price of $33.59 and a 200-day moving average price of $33.90.

National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.14). National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period last year, the business earned ($0.30) EPS. The company’s revenue was up 2.0% on a year-over-year basis. Equities research analysts predict that National Oilwell Varco will post ($0.41) earnings per share for the current fiscal year.

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The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a $0.05 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.20 dividend on an annualized basis and a yield of 0.57%. National Oilwell Varco’s dividend payout ratio is presently -3.31%.

Several large investors have recently bought and sold shares of NOV. IHT Wealth Management LLC boosted its position in shares of National Oilwell Varco by 1,923.1% during the 2nd quarter. IHT Wealth Management LLC now owns 526 shares of the oil and gas exploration company’s stock valued at $112,000 after purchasing an additional 500 shares in the last quarter. FNY Partners Fund LP purchased a new stake in National Oilwell Varco during the first quarter valued at about $120,000. Exane Derivatives lifted its stake in National Oilwell Varco by 113.8% during the second quarter. Exane Derivatives now owns 3,985 shares of the oil and gas exploration company’s stock valued at $131,000 after buying an additional 2,121 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new stake in National Oilwell Varco during the second quarter valued at about $194,000. Finally, Lakeview Capital Partners LLC lifted its stake in National Oilwell Varco by 2.6% during the second quarter. Lakeview Capital Partners LLC now owns 6,194 shares of the oil and gas exploration company’s stock valued at $204,000 after buying an additional 155 shares in the last quarter. Institutional investors own 90.29% of the company’s stock.

National Oilwell Varco Company Profile

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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Analyst Recommendations for National Oilwell Varco (NYSE:NOV)

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