National-Oilwell Varco (NYSE:NOV) was downgraded by analysts at Edward Jones from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Marketbeat reports.
Other analysts have also issued reports about the stock. Argus reaffirmed a “buy” rating and issued a $51.00 price objective on shares of National-Oilwell Varco in a research note on Thursday, May 17th. Raymond James upped their price objective on shares of National-Oilwell Varco from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, July 30th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $53.00 price objective on shares of National-Oilwell Varco in a research note on Monday, August 6th. R. F. Lafferty raised shares of National-Oilwell Varco from a “hold” rating to a “buy” rating and upped their price objective for the stock from $41.00 to $51.00 in a research note on Tuesday, August 21st. Finally, Barclays upped their price objective on shares of National-Oilwell Varco from $37.00 to $44.00 and gave the stock a “hold” rating in a research note on Monday, July 30th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company. National-Oilwell Varco presently has an average rating of “Hold” and an average price target of $42.24.
Shares of NOV opened at $46.26 on Tuesday. National-Oilwell Varco has a 12-month low of $31.42 and a 12-month high of $49.08. The firm has a market cap of $18.01 billion, a PE ratio of -108.26, a P/E/G ratio of 46.15 and a beta of 0.94. The company has a quick ratio of 1.75, a current ratio of 3.19 and a debt-to-equity ratio of 0.19.
National-Oilwell Varco (NYSE:NOV) last released its quarterly earnings data on Thursday, July 26th. The oil and gas exploration company reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.04. National-Oilwell Varco had a negative net margin of 1.09% and a negative return on equity of 0.60%. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2 billion. During the same period in the prior year, the firm earned ($0.14) earnings per share. The firm’s revenue for the quarter was up 19.7% compared to the same quarter last year. analysts predict that National-Oilwell Varco will post 0.17 EPS for the current year.
In related news, insider Joseph W. Rovig sold 76,436 shares of the stock in a transaction that occurred on Thursday, June 28th. The shares were sold at an average price of $42.94, for a total value of $3,282,161.84. Following the transaction, the insider now owns 108,427 shares in the company, valued at approximately $4,655,855.38. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Clay C. Williams sold 465,116 shares of the stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $47.91, for a total transaction of $22,283,707.56. Following the completion of the transaction, the chairman now 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 quarter, insiders sold 590,995 shares of company stock worth $27,870,170. 0.79% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of NOV. Pzena Investment Management LLC acquired a new position in National-Oilwell Varco in the 2nd quarter worth approximately $191,593,000. Ruffer LLP acquired a new stake in shares of National-Oilwell Varco during the 2nd quarter worth approximately $170,243,000. Parnassus Investments CA grew its stake in shares of National-Oilwell Varco by 48.5% during 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 purchasing an additional 3,374,289 shares during the period. Summit Trail Advisors LLC grew its stake in shares of National-Oilwell Varco by 3,372.3% during the 1st quarter. Summit Trail Advisors LLC now owns 514,598 shares of the oil and gas exploration company’s stock worth $515,000 after purchasing an additional 499,778 shares during the period. Finally, Mountain Lake Investment Management LLC acquired a new stake in shares of National-Oilwell Varco during the 1st quarter worth approximately $14,908,000. Institutional investors own 95.61% of the company’s stock.
About National-Oilwell Varco
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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