Brokerages predict that National-Oilwell Varco, Inc. (NYSE:NOV) will post $2.20 billion in sales for the current quarter, Zacks reports. Ten analysts have issued estimates for National-Oilwell Varco’s earnings. The lowest sales estimate is $2.10 billion and the highest is $2.26 billion. National-Oilwell Varco reported sales of $1.84 billion in the same quarter last year, which indicates a positive year over year growth rate of 19.6%. The company is scheduled to report its next quarterly earnings report after the market closes on Thursday, October 25th.
According to Zacks, analysts expect that National-Oilwell Varco will report full-year sales of $8.34 billion for the current financial year, with estimates ranging from $8.09 billion to $8.46 billion. For the next financial year, analysts forecast that the firm will report sales of $9.54 billion per share, with estimates ranging from $8.62 billion to $9.99 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for National-Oilwell Varco.
National-Oilwell Varco (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 26th. The oil and gas exploration company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.02 by $0.04. National-Oilwell Varco had a negative return on equity of 0.60% and a negative net margin of 1.09%. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2 billion. During the same quarter last year, the company earned ($0.14) earnings per share. The business’s revenue for the quarter was up 19.7% compared to the same quarter last year.
Several brokerages recently issued reports on NOV. Piper Jaffray Companies reissued a “buy” rating and set a $53.00 target price on shares of National-Oilwell Varco in a research note on Monday, August 6th. Seaport Global Securities reissued a “sell” rating and set a $37.00 target price on shares of National-Oilwell Varco in a research note on Tuesday, July 31st. Citigroup lifted their target price on National-Oilwell Varco from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 31st. Barclays lifted their target price on National-Oilwell Varco from $37.00 to $44.00 and gave the company a “hold” rating in a research note on Monday, July 30th. Finally, Susquehanna Bancshares set a $45.00 target price on National-Oilwell Varco and gave the company a “hold” rating in a research note on Monday, July 30th. Three investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $41.18.
Shares of NOV opened at $43.84 on Monday. The company has a market cap of $17.54 billion, a P/E ratio of -104.38, a price-to-earnings-growth ratio of 44.94 and a beta of 0.87. National-Oilwell Varco has a 12-month low of $29.90 and a 12-month high of $49.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.75 and a current ratio of 3.19.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Thursday, September 13th. National-Oilwell Varco’s payout ratio is -47.62%.
In other National-Oilwell Varco news, Director Eric L. Mattson sold 4,338 shares of National-Oilwell Varco stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $45.65, for a total value of $198,029.70. Following the sale, the director now owns 76,484 shares of the company’s stock, valued at approximately $3,491,494.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Clay C. Williams sold 465,116 shares of National-Oilwell Varco stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $47.91, for a total value of $22,283,707.56. Following the completion of the sale, the chairman now directly owns 811,642 shares in the company, valued at approximately $38,885,768.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 574,599 shares of company stock worth $27,128,255. Corporate insiders own 0.79% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Parnassus Investments CA increased its stake in National-Oilwell Varco by 48.5% in the 2nd quarter. Parnassus Investments CA now owns 10,325,152 shares of the oil and gas exploration company’s stock worth $448,112,000 after acquiring an additional 3,374,289 shares during the last quarter. Wells Fargo & Company MN increased its stake in National-Oilwell Varco by 3.1% in the 1st quarter. Wells Fargo & Company MN now owns 5,354,118 shares of the oil and gas exploration company’s stock worth $197,086,000 after acquiring an additional 159,249 shares during the last quarter. Pzena Investment Management LLC purchased a new position in shares of National-Oilwell Varco in the 2nd quarter worth approximately $191,593,000. Ruffer LLP purchased a new position in shares of National-Oilwell Varco in the 2nd quarter worth approximately $170,243,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of National-Oilwell Varco by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,484,553 shares of the oil and gas exploration company’s stock worth $151,227,000 after purchasing an additional 28,498 shares during the period. 96.48% of the stock is currently owned by institutional investors and hedge funds.
National-Oilwell Varco Company Profile
National Oilwell Varco, Inc designs, manufactures, and sells systems and components used in oil and gas drilling and production; and provides oilfield services to the upstream oil and gas industry worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.
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