SunTrust Banks, Inc. cut shares of National Oilwell Varco, Inc. (NYSE:NOV) from a hold rating to a sell rating in a research report sent to investors on Monday morning, Marketbeat Ratings reports. SunTrust Banks, Inc. currently has $50.00 price objective on the oil and gas exploration company’s stock, up from their prior price objective of $29.00. The analysts noted that the move was a valuation call.

NOV has been the topic of several other reports. ValuEngine upgraded shares of National Oilwell Varco from a sell rating to a hold rating in a report on Tuesday, July 11th. Wells Fargo & Company restated a market perform rating on shares of National Oilwell Varco in a report on Monday, July 10th. Jefferies Group LLC restated a hold rating and issued a $34.00 price objective (down from $38.00) on shares of National Oilwell Varco in a report on Monday, July 31st. Cowen and Company restated a hold rating and issued a $37.00 price objective on shares of National Oilwell Varco in a report on Tuesday, July 11th. Finally, Zacks Investment Research upgraded shares of National Oilwell Varco from a sell rating to a hold rating in a report on Tuesday, August 1st. Four equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $38.59.

Shares of National Oilwell Varco (NOV) traded down 1.01% during trading on Monday, hitting $31.47. 1,088,332 shares of the stock were exchanged. The company’s market cap is $11.96 billion. The stock’s 50 day moving average price is $33.02 and its 200-day moving average price is $36.10. National Oilwell Varco has a one year low of $31.02 and a one year high of $43.63.

National Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas exploration company reported ($0.14) EPS for the quarter, hitting the consensus estimate of ($0.14). National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the business posted ($0.30) EPS. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, analysts predict that National Oilwell Varco will post ($0.40) EPS for the current year.

WARNING: This piece was first published by Daily Political and is the property of of Daily Political. If you are viewing this piece on another site, it was stolen and republished in violation of U.S. & international copyright & trademark legislation. The legal version of this piece can be viewed at https://www.dailypolitical.com/2017/08/08/national-oilwell-varco-inc-nysenov-cut-to-sell-at-suntrust-banks-inc.html.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC increased its position in National Oilwell Varco by 98.0% in the fourth quarter. AQR Capital Management LLC now owns 18,411 shares of the oil and gas exploration company’s stock worth $689,000 after buying an additional 9,113 shares during the period. Teachers Advisors LLC increased its position in National Oilwell Varco by 1.8% in the fourth quarter. Teachers Advisors LLC now owns 755,987 shares of the oil and gas exploration company’s stock worth $28,304,000 after buying an additional 13,547 shares during the period. Chevy Chase Trust Holdings Inc. increased its position in National Oilwell Varco by 48.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 471,203 shares of the oil and gas exploration company’s stock worth $18,891,000 after buying an additional 153,003 shares during the period. 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 during the period. Finally, 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 during the period. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

About National Oilwell Varco

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.

Analyst Recommendations for National Oilwell Varco (NYSE:NOV)

Receive News & Ratings for National Oilwell Varco Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for National Oilwell Varco Inc. and related companies with MarketBeat.com's FREE daily email newsletter.