Cowen and Company Trims National Oilwell Varco, Inc. (NYSE:NOV) Target Price to $30.00
National Oilwell Varco, Inc. (NYSE:NOV) had its price objective decreased by Cowen and Company from $37.00 to $30.00 in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. Cowen and Company currently has a market perform rating on the oil and gas exploration company’s stock.
NOV has been the topic of several other reports. 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 downgraded 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. R. F. Lafferty initiated coverage on National Oilwell Varco in a research report on Thursday, April 6th. They issued a hold rating and a $39.00 price objective on the stock. Finally, Morgan Stanley reiterated an overweight rating and issued a $50.00 target price (down from $60.00) on shares of National Oilwell Varco in a research note on Wednesday, June 21st. Three investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $38.14.
Shares of National Oilwell Varco (NOV) traded up 1.72% during mid-day trading on Wednesday, hitting $33.18. The company’s stock had a trading volume of 2,567,595 shares. The stock has a 50-day moving average of $33.02 and a 200-day moving average of $36.10. National Oilwell Varco has a 12-month low of $31.02 and a 12-month high of $43.63. The company’s market cap is $12.61 billion.
National Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.14). National Oilwell Varco had a negative return on equity of 2.12% and a negative net margin of 33.24%. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the prior year, the business earned ($0.30) earnings per share. The business’s revenue was up 2.0% on a year-over-year basis. On average, equities research analysts forecast that National Oilwell Varco will post ($0.41) EPS for the current year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOV. Koshinski Asset Management Inc. increased its position in National Oilwell Varco by 6.1% in the first quarter. Koshinski Asset Management Inc. now owns 8,112 shares of the oil and gas exploration company’s stock worth $325,000 after buying an additional 468 shares in the last quarter. Gulf International Bank UK Ltd increased its position in National Oilwell Varco by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 120,254 shares of the oil and gas exploration company’s stock worth $4,820,000 after buying an additional 1,500 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services increased its position in National Oilwell Varco by 66.7% in the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 44,563 shares of the oil and gas exploration company’s stock worth $1,786,000 after buying an additional 17,825 shares in the last quarter. Trust Co. of Oklahoma purchased a new position in National Oilwell Varco during the first quarter worth approximately $204,000. Finally, Creative Planning increased its position in National Oilwell Varco by 58.4% in the first quarter. Creative Planning now owns 32,683 shares of the oil and gas exploration company’s stock worth $1,310,000 after buying an additional 12,051 shares in the last quarter. 91.13% of the stock is currently owned by 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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