National-Oilwell Varco (NOV) Price Target Cut to $35.00

National-Oilwell Varco (NYSE:NOV) had its price target trimmed by Raymond James from $40.00 to $35.00 in a report issued on Monday, BenzingaRatingsTable reports. The firm currently has an outperform rating on the oil and gas exploration company’s stock.

Several other equities analysts also recently commented on the stock. Barclays reiterated a hold rating and set a $35.00 price target on shares of National-Oilwell Varco in a report on Friday, January 18th. Goldman Sachs Group started coverage on shares of National-Oilwell Varco in a report on Sunday, March 10th. They set a neutral rating and a $33.00 price target on the stock. UBS Group set a $28.00 price target on shares of National-Oilwell Varco and gave the company a hold rating in a report on Thursday, December 20th. Stephens started coverage on shares of National-Oilwell Varco in a report on Wednesday, January 9th. They set an overweight rating and a $35.00 price target on the stock. Finally, Citigroup cut their price target on shares of National-Oilwell Varco from $31.00 to $29.00 and set a neutral rating on the stock in a report on Friday, January 4th. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eleven have assigned a buy rating to the stock. National-Oilwell Varco presently has an average rating of Hold and an average target price of $38.21.

Shares of NYSE:NOV opened at $27.53 on Monday. The stock has a market cap of $10.30 billion, a P/E ratio of -344.13, a PEG ratio of 23.65 and a beta of 1.22. National-Oilwell Varco has a 12 month low of $24.27 and a 12 month high of $49.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.83 and a current ratio of 3.11.

National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings results on Wednesday, February 6th. The oil and gas exploration company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.05). The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.18 billion. National-Oilwell Varco had a negative net margin of 0.37% and a negative return on equity of 0.22%. The business’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.04) earnings per share. On average, equities analysts forecast that National-Oilwell Varco will post 0.19 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.05 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.20 annualized dividend and a yield of 0.73%. National-Oilwell Varco’s dividend payout ratio (DPR) is -250.00%.

In other news, VP Scott K. Duff sold 15,125 shares of the company’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $28.02, for a total value of $423,802.50. Following the completion of the sale, the vice president now owns 54,098 shares of the company’s stock, valued at approximately $1,515,825.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.79% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Reinhart Partners Inc. lifted its position in shares of National-Oilwell Varco by 9.1% in the 1st quarter. Reinhart Partners Inc. now owns 314,332 shares of the oil and gas exploration company’s stock worth $8,374,000 after purchasing an additional 26,311 shares during the period. State of Alaska Department of Revenue lifted its position in shares of National-Oilwell Varco by 29.5% in the 4th quarter. State of Alaska Department of Revenue now owns 138,601 shares of the oil and gas exploration company’s stock worth $3,559,000 after purchasing an additional 31,567 shares during the period. Legal & General Group Plc lifted its position in shares of National-Oilwell Varco by 2.0% in the 3rd quarter. Legal & General Group Plc now owns 2,012,309 shares of the oil and gas exploration company’s stock worth $86,712,000 after purchasing an additional 39,430 shares during the period. Virtu Financial LLC lifted its position in shares of National-Oilwell Varco by 51.4% in the 4th quarter. Virtu Financial LLC now owns 12,213 shares of the oil and gas exploration company’s stock worth $314,000 after purchasing an additional 4,147 shares during the period. Finally, Gryphon Financial Partners LLC purchased a new stake in shares of National-Oilwell Varco in the 4th quarter worth approximately $317,000. 93.47% of the stock is owned by hedge funds and other institutional investors.

About National-Oilwell Varco

National Oilwell Varco, Inc designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The Wellbore Technologies segment 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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