National-Oilwell Varco (NOV) Price Target Cut to $38.00 by Analysts at Wells Fargo & Co

National-Oilwell Varco (NYSE:NOV) had its price objective cut by Wells Fargo & Co from $43.00 to $38.00 in a research note published on Monday. They currently have a hold rating on the oil and gas exploration company’s stock.

Other equities research analysts have also issued research reports about the stock. Barclays boosted their price objective on shares of National-Oilwell Varco from $37.00 to $44.00 and gave the stock a hold rating in a research note on Monday, July 30th. Cowen dropped their price objective on shares of National-Oilwell Varco from $45.00 to $42.00 and set a market perform rating on the stock in a research note on Monday. Evercore ISI raised shares of National-Oilwell Varco from an in-line rating to an outperform rating and set a $54.00 price objective on the stock in a research note on Monday. Stifel Nicolaus assumed coverage on shares of National-Oilwell Varco in a research note on Monday, September 10th. They set a buy rating and a $54.00 price objective on the stock. Finally, Credit Suisse Group set a $43.00 price objective on shares of National-Oilwell Varco and gave the stock a hold rating in a research note on Monday, July 30th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $42.61.

NYSE:NOV traded up $0.79 during mid-day trading on Monday, hitting $35.90. 928,211 shares of the company’s stock were exchanged, compared to its average volume of 3,859,171. National-Oilwell Varco has a one year low of $31.47 and a one year high of $49.08. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.17 and a quick ratio of 1.78. The firm has a market capitalization of $13.73 billion, a P/E ratio of -85.48, a PEG ratio of 45.14 and a beta of 0.93.

In other news, VP Craig L. Weinstock sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $47.45, for a total transaction of $1,186,250.00. Following the completion of the transaction, the vice president now directly owns 67,663 shares of the company’s stock, valued at $3,210,609.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric L. Mattson sold 5,284 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $45.06, for a total transaction of $238,097.04. Following the transaction, the director now directly owns 66,862 shares of the company’s stock, valued at $3,012,801.72. The disclosure for this sale can be found here. Insiders sold 510,850 shares of company stock valued at $24,409,902 over the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System raised its holdings in shares of National-Oilwell Varco by 1.3% during the third quarter. Arizona State Retirement System now owns 203,208 shares of the oil and gas exploration company’s stock valued at $8,754,000 after purchasing an additional 2,546 shares during the last quarter. Adams Natural Resources Fund Inc. raised its holdings in shares of National-Oilwell Varco by 146.6% during the third quarter. Adams Natural Resources Fund Inc. now owns 109,000 shares of the oil and gas exploration company’s stock valued at $4,696,000 after purchasing an additional 64,800 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in National-Oilwell Varco by 1,004.3% during the third quarter. Assenagon Asset Management S.A. now owns 136,269 shares of the oil and gas exploration company’s stock valued at $5,870,000 after buying an additional 123,929 shares during the last quarter. NN Investment Partners Holdings N.V. increased its holdings in National-Oilwell Varco by 32.0% during the third quarter. NN Investment Partners Holdings N.V. now owns 160,041 shares of the oil and gas exploration company’s stock valued at $6,894,000 after buying an additional 38,843 shares during the last quarter. Finally, QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in National-Oilwell Varco during the third quarter valued at approximately $564,000. 95.45% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for National-Oilwell Varco (NYSE:NOV)

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