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National Oilwell Varco (NYSE:NOV)‘s stock had its “equal weight” rating restated by research analysts at Morgan Stanley in a report released on Monday, Analyst Ratings Net reports. They currently have a $88.00 target price on the stock. Morgan Stanley’s target price points to a potential upside of 17.32% from the stock’s previous close.

The analysts wrote, “We see low volatility around earnings expectations and see relative performance driven by multiple expansion or contraction, requiring either (i) positive sentiment around backlog growth or (ii) a meaningful increase in cash distribution. Over the past 12-months, NOV’s forward P/E has hit a 30% discount vs. the OSX, despite its backlog growing 37% due to anticipation of order weakness on softening dayrates. This is likely to occur in 2H14, causing the backlog to roll in 2015.”

Several other analysts have also recently commented on the stock. Analysts at Citigroup Inc. raised their price target on shares of National Oilwell Varco from $95.00 to $101.00 in a research note to investors on Monday. Separately, analysts at JPMorgan Chase & Co. cut their price target on shares of National Oilwell Varco from $101.00 to $97.00 in a research note to investors on Friday. Finally, analysts at Socgen reiterated a “hold” rating on shares of National Oilwell Varco in a research note to investors on Thursday, January 16th. They now have a $82.00 price target on the stock, down previously from $85.00. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nineteen have assigned a buy rating to the company. National Oilwell Varco presently has an average rating of “Buy” and a consensus target price of $89.92.

Shares of National Oilwell Varco (NYSE:NOV) opened at 75.01 on Monday. National Oilwell Varco has a 52 week low of $63.08 and a 52 week high of $84.71. The stock has a 50-day moving average of $77.34 and a 200-day moving average of $77.69. The company has a market cap of $32.137 billion and a price-to-earnings ratio of 13.79.

National Oilwell Varco (NYSE:NOV) last announced its earnings results on Friday, January 31st. The company reported $1.56 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.39 by $0.17. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the previous year, the company posted $1.49 earnings per share. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts predict that National Oilwell Varco will post $6.18 earnings per share 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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