National Oilwell Varco, Inc. (NOV) Receives “Hold” Rating from Jefferies Group LLC

Jefferies Group LLC reaffirmed their hold rating on shares of National Oilwell Varco, Inc. (NYSE:NOV) in a research note released on Monday, July 31st. Jefferies Group LLC currently has a $34.00 price target on the oil and gas exploration company’s stock, down from their prior price target of $38.00. Jefferies Group also issued estimates for National Oilwell Varco’s Q4 2017 earnings at ($0.01) EPS, FY2017 earnings at ($0.40) EPS, FY2018 earnings at $0.30 EPS, FY2019 earnings at $1.15 EPS and FY2020 earnings at $1.90 EPS.

Several other equities analysts also recently commented on the stock. UBS AG reiterated a neutral rating and issued a $37.00 price objective (down from $38.00) on shares of National Oilwell Varco in a report on Monday, July 31st. Credit Suisse Group set a $35.00 price objective on shares of National Oilwell Varco and gave the company a hold rating in a report on Saturday, July 29th. Scotiabank set a $37.00 price objective on shares of National Oilwell Varco and gave the company a hold rating in a report on Friday, July 28th. Piper Jaffray Companies set a $37.00 price objective on shares of National Oilwell Varco and gave the company a buy rating in a report on Thursday, July 27th. Finally, BidaskClub downgraded shares of National Oilwell Varco from a sell rating to a strong sell rating in a research note on Thursday, July 27th. Five research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. National Oilwell Varco presently has an average rating of Hold and a consensus price target of $38.63.

Shares of National Oilwell Varco (NYSE:NOV) opened at 30.38 on Monday. National Oilwell Varco has a 52-week low of $29.90 and a 52-week high of $43.63. The firm’s market capitalization is $11.55 billion. The firm has a 50-day moving average of $32.47 and a 200 day moving average of $35.46.

National Oilwell Varco (NYSE:NOV) last released its quarterly earnings data on Thursday, July 27th. The oil and gas exploration company reported ($0.14) EPS for the quarter, meeting the Thomson Reuters’ 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 the consensus estimate of $1.78 billion. During the same period in the previous year, the company earned ($0.30) earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. Analysts predict that National Oilwell Varco will post ($0.39) EPS for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.05 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.66%. National Oilwell Varco’s dividend payout ratio (DPR) is currently -3.31%.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Moody Lynn & Lieberson LLC raised its position in shares of National Oilwell Varco by 0.4% in the first quarter. Moody Lynn & Lieberson LLC now owns 6,684 shares of the oil and gas exploration company’s stock worth $268,000 after buying an additional 29 shares during the period. Cleararc Capital Inc. raised its position in shares of National Oilwell Varco by 0.7% in the first quarter. Cleararc Capital Inc. now owns 9,243 shares of the oil and gas exploration company’s stock worth $371,000 after buying an additional 65 shares during the period. First Manhattan Co. raised its position in shares of National Oilwell Varco by 0.3% in the first quarter. First Manhattan Co. now owns 32,934 shares of the oil and gas exploration company’s stock worth $1,210,000 after buying an additional 98 shares during the period. Fernwood Investment Management LLC raised its position in shares of National Oilwell Varco by 0.6% in the second quarter. Fernwood Investment Management LLC now owns 15,765 shares of the oil and gas exploration company’s stock worth $519,000 after buying an additional 100 shares during the period. Finally, CIBC Asset Management Inc raised its position in shares of National Oilwell Varco by 0.3% in the second quarter. CIBC Asset Management Inc now owns 36,365 shares of the oil and gas exploration company’s stock worth $1,198,000 after buying an additional 113 shares during the period. Institutional investors and hedge funds own 91.63% of the company’s stock.

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.

Analyst Recommendations for National Oilwell Varco (NYSE:NOV)

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