National Oilwell Varco, Inc. (NYSE:NOV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

According to Zacks, “Aggressive cost reduction and improved efficiencies helped National Oilwell Varco come out with narrower-than-expected fourth quarter loss. Importantly, NOV reported a sequential increase in sales as OPEC's production cut decision helped oil stabilize within a range above $50 per barrel. While maintaining its excellent track record of earnings surprise history of 3 beats in the last 4 quarters, NOV has outperformed the Zacks categorized 'Oil Field machineries & Equipment' industry during that period. However, the ongoing weakness in commodity prices – despite the recent OPEC-driven recovery – has curtailed energy drilling and equipment demand thereby affecting the company’s revenues, earnings and cash flow. Hence, while being incrementally positive on NOV, we expect the shares to remain soft until commodity prices recover sufficiently.”

A number of other research firms also recently commented on NOV. Jefferies Group LLC set a $34.00 target price on shares of National Oilwell Varco and gave the stock a “hold” rating in a report on Thursday, October 5th. Piper Jaffray Companies reiterated a “buy” rating and issued a $36.00 target price on shares of National Oilwell Varco in a report on Tuesday, September 26th. Deutsche Bank AG assumed coverage on shares of National Oilwell Varco in a report on Tuesday, October 10th. They issued a “hold” rating and a $39.00 target price on the stock. Citigroup Inc. boosted their target price on shares of National Oilwell Varco from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, October 5th. Finally, ValuEngine upgraded shares of National Oilwell Varco from a “sell” rating to a “hold” rating in a report on Wednesday, September 20th. Five analysts have rated the stock with a sell rating, seventeen have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $38.61.

National Oilwell Varco (NOV) traded down 0.47% during mid-day trading on Monday, hitting $33.93. 521,683 shares of the stock traded hands. The stock has a 50 day moving average price of $34.42 and a 200 day moving average price of $33.68. The firm’s market cap is $12.89 billion. National Oilwell Varco has a 12-month low of $29.90 and a 12-month high of $43.63.

National Oilwell Varco (NYSE:NOV) last released its earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) EPS for the quarter, hitting analysts’ consensus estimates of ($0.14). National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. 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 previous year, the firm earned ($0.30) EPS. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, analysts expect that National Oilwell Varco will post ($0.41) earnings per share for the current fiscal year.

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A number of hedge funds have recently bought and sold shares of NOV. IHT Wealth Management LLC grew its position in National Oilwell Varco by 1,923.1% in the second quarter. IHT Wealth Management LLC now owns 526 shares of the oil and gas exploration company’s stock worth $112,000 after acquiring an additional 500 shares in the last quarter. FNY Partners Fund LP bought a new stake in National Oilwell Varco in the first quarter worth approximately $120,000. Exane Derivatives grew its position in National Oilwell Varco by 113.8% in the second quarter. Exane Derivatives now owns 3,985 shares of the oil and gas exploration company’s stock worth $131,000 after acquiring an additional 2,121 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in National Oilwell Varco in the second quarter worth approximately $194,000. Finally, Lakeview Capital Partners LLC grew its position in National Oilwell Varco by 2.6% in the second quarter. Lakeview Capital Partners LLC now owns 6,194 shares of the oil and gas exploration company’s stock worth $204,000 after acquiring an additional 155 shares in the last quarter. 90.31% of the stock is 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.

Analyst Recommendations for National Oilwell Varco (NYSE:NOV)

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