National Oilwell Varco Downgraded by RBC Capital to “Sector Perform” (NOV)
National Oilwell Varco (NYSE:NOV) was downgraded by analysts at RBC Capital from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $86.00 price objective on the stock. RBC Capital’s price target would indicate a potential upside of 10.02% from the company’s current price.
The analysts wrote, “We are calling for 2014 NOV jackup bookings to average 7 per quarter, down from ~15 per quarter in 2013,” the report noted. “On the floater side, we are expecting bookings to average 3–4 per quarter, down from 7 in 2013. We expect FPSO bookings to show only modest improvement from the ~$1bn in orders expected in 2013.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Cowen and Company cut their price target on shares of National Oilwell Varco from $103.00 to $94.00 in a research note to investors on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at Susquehanna cut their price target on shares of National Oilwell Varco from $96.00 to $95.00 in a research note to investors on Tuesday, December 17th. They now have a “positive” rating on the stock. Finally, analysts at Barclays raised their price target on shares of National Oilwell Varco from $93.00 to $102.00 in a research note to investors on Tuesday, December 17th. They now have an “overweight” rating on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-two have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $89.56.
National Oilwell Varco (NYSE:NOV) traded down 2.05% on Wednesday, hitting $78.17. The stock had a trading volume of 4,266,156 shares. National Oilwell Varco has a one year low of $63.08 and a one year high of $84.71. The stock has a 50-day moving average of $80.20 and a 200-day moving average of $77.13. The company has a market cap of $33.465 billion and a price-to-earnings ratio of 14.64.
National Oilwell Varco (NYSE:NOV) last released its earnings data on Friday, October 25th. The company reported $1.34 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.32 by $0.02. The company had revenue of $5.69 billion for the quarter, compared to the consensus estimate of $5.68 billion. During the same quarter last year, the company posted $1.52 earnings per share. National Oilwell Varco’s revenue was up 6.9% compared to the same quarter last year. Analysts expect that National Oilwell Varco will post $5.36 EPS for the current fiscal year.
National Oilwell Varco, Inc is a provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.
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