National-Oilwell Varco (NYSE:NOV) had its price target cut by research analysts at Citigroup from $49.00 to $48.00 in a report issued on Friday, September 14th, Stock Target Advisor reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Citigroup’s price objective points to a potential upside of 5.61% from the company’s current price.
Several other equities analysts also recently issued reports on NOV. Stifel Nicolaus began 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 target for the company. Credit Suisse Group set a $43.00 price target on shares of National-Oilwell Varco and gave the company a “hold” rating in a research note on Monday, July 30th. Piper Jaffray Companies reissued a “buy” rating and set a $53.00 target price on shares of National-Oilwell Varco in a research note on Monday, August 6th. Seaport Global Securities reissued a “sell” rating and set a $37.00 target price on shares of National-Oilwell Varco in a research note on Tuesday, July 31st. Finally, Argus reissued a “buy” rating and set a $51.00 target price on shares of National-Oilwell Varco in a research note on Thursday, May 17th. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have issued a buy rating to the company. National-Oilwell Varco presently has an average rating of “Hold” and an average target price of $43.50.
NYSE:NOV traded up $1.11 on Friday, hitting $45.45. The company had a trading volume of 5,408,700 shares, compared to its average volume of 3,118,782. The company has a market cap of $16.48 billion, a price-to-earnings ratio of -108.19, a PEG ratio of 46.67 and a beta of 0.93. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.19 and a quick ratio of 1.75. National-Oilwell Varco has a 52 week low of $31.47 and a 52 week high of $49.08.
National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 26th. The oil and gas exploration company reported $0.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.04. The business had revenue of $2.11 billion during 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 revenue was up 19.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.14) EPS. As a group, analysts expect that National-Oilwell Varco will post 0.15 EPS for the current year.
In other National-Oilwell Varco news, Chairman Clay C. Williams sold 465,116 shares of National-Oilwell Varco stock in a transaction dated 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 sale, the chairman now owns 811,642 shares of the company’s stock, valued at $38,885,768.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Eric L. Mattson sold 11,112 shares of National-Oilwell Varco stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $45.34, for a total transaction of $503,818.08. Following the completion of the sale, the director now directly owns 66,862 shares in the company, valued at approximately $3,031,523.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 514,559 shares of company stock worth $24,588,009. 0.79% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the business. Parnassus Investments CA raised its position in shares of National-Oilwell Varco by 48.5% in the second quarter. Parnassus Investments CA now owns 10,325,152 shares of the oil and gas exploration company’s stock valued at $448,112,000 after purchasing an additional 3,374,289 shares during the period. Wells Fargo & Company MN raised its position in shares of National-Oilwell Varco by 3.1% in the first quarter. Wells Fargo & Company MN now owns 5,354,118 shares of the oil and gas exploration company’s stock valued at $197,086,000 after purchasing an additional 159,249 shares during the period. Pzena Investment Management LLC bought a new stake in shares of National-Oilwell Varco in the second quarter valued at approximately $191,593,000. Ruffer LLP bought a new stake in shares of National-Oilwell Varco in the second quarter valued at approximately $170,243,000. Finally, Dimensional Fund Advisors LP raised its position in shares of National-Oilwell Varco by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,484,553 shares of the oil and gas exploration company’s stock valued at $151,227,000 after purchasing an additional 28,498 shares during the period. 95.63% of the stock is currently owned by institutional investors and hedge funds.
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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