SunTrust Banks, Inc. lowered shares of National Oilwell Varco, Inc. (NYSE:NOV) from a hold rating to a sell rating in a research report report published on Monday morning, MarketBeat reports. SunTrust Banks, Inc. currently has $50.00 price target on the oil and gas exploration company’s stock, up from their prior price target of $29.00. SunTrust Banks also issued estimates for National Oilwell Varco’s Q3 2017 earnings at ($0.08) EPS, FY2017 earnings at ($0.37) EPS, Q1 2018 earnings at $0.01 EPS, Q2 2018 earnings at ($0.02) EPS, Q3 2018 earnings at $0.01 EPS, Q4 2018 earnings at $0.07 EPS and FY2018 earnings at $0.06 EPS. The analysts noted that the move was a valuation call.
Several other equities analysts have also issued reports on the company. Credit Suisse Group set a $35.00 price objective on National Oilwell Varco and gave the company a hold rating in a research report on Saturday, July 29th. Zacks Investment Research lowered National Oilwell Varco from a hold rating to a sell rating in a research report on Tuesday, April 18th. Scotiabank set a $37.00 price objective on National Oilwell Varco and gave the company a hold rating in a research report on Friday, July 28th. Morgan Stanley reiterated an overweight rating and issued a $50.00 price objective (down from $60.00) on shares of National Oilwell Varco in a research report on Wednesday, June 21st. Finally, Wells Fargo & Company reiterated a market perform rating on shares of National Oilwell Varco in a research report on Monday, July 10th. Four investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. National Oilwell Varco currently has a consensus rating of Hold and a consensus target price of $38.59.
Shares of National Oilwell Varco (NYSE NOV) traded down 0.1651% on Monday, hitting $30.2999. 485,292 shares of the company’s stock traded hands. National Oilwell Varco has a 1-year low of $30.19 and a 1-year high of $43.63. The firm’s 50-day moving average price is $32.74 and its 200 day moving average price is $35.83. The company’s market cap is $11.52 billion.
National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) EPS for the quarter, meeting analysts’ consensus estimates of ($0.14). The company had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.78 billion. National Oilwell Varco had a negative return on equity of 2.12% and a negative net margin of 33.24%. National Oilwell Varco’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.30) EPS. On average, equities research analysts expect that National Oilwell Varco will post ($0.40) earnings per share for the current year.
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Several hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of National Oilwell Varco during the first quarter worth approximately $864,000. Oliver Luxxe Assets LLC purchased a new stake in shares of National Oilwell Varco during the first quarter worth approximately $1,103,000. Doyle Wealth Management purchased a new stake in shares of National Oilwell Varco during the first quarter worth approximately $4,482,000. Bank of Montreal Can raised its stake in shares of National Oilwell Varco by 146.8% in the first quarter. Bank of Montreal Can now owns 3,274,041 shares of the oil and gas exploration company’s stock worth $131,257,000 after buying an additional 1,947,233 shares during the last quarter. Finally, Kempner Capital Management Inc. raised its stake in shares of National Oilwell Varco by 7.6% in the first quarter. Kempner Capital Management Inc. now owns 61,837 shares of the oil and gas exploration company’s stock worth $2,479,000 after buying an additional 4,369 shares during the last quarter. 91.00% of the stock is currently owned by hedge funds and other institutional investors.
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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