National-Oilwell Varco’s “Buy” Rating Reaffirmed at Bank of America (NOV)
National-Oilwell Varco (NYSE:NOV)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America in a report issued on Tuesday, Analyst Ratings Network reports. They currently have a $85.00 price objective on the stock, down from their previous price objective of $93.00. Bank of America’s target price points to a potential upside of 7.62% from the company’s current price.
The analysts wrote, “We are lowering our 2014 order forecast for National Oilwell Varco (NOV) to $7.8bn from $8.5bn owing to declining offshore dayrates. While our 2014 EPS estimate increases to $6.25 from $6.15 because of higher expected revenue growth and margins in Petroleum Services & Supplies, our 2015 EPS estimate declines to $6.85 from $7.15 owing to lower the lower orders. Our PO decreases to $85 from $93, or 12x 2015E EPS, in line with the NTM average since 2013.”
Shares of National-Oilwell Varco (NYSE:NOV) traded up 1.41% on Tuesday, hitting $80.6303. 1,021,504 shares of the company’s stock traded hands. National-Oilwell Varco has a 1-year low of $63.08 and a 1-year high of $84.71. The stock has a 50-day moving average of $76.67 and a 200-day moving average of $78.39. The company has a market cap of $34.552 billion and a price-to-earnings ratio of 14.62.
National-Oilwell Varco (NYSE:NOV) last posted its quarterly earnings results on Friday, January 31st. The company reported $1.56 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $1.49 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. Analysts expect that National-Oilwell Varco will post $6.12 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Standpoint Research upgraded shares of National-Oilwell Varco from a “hold” rating to a “buy” rating in a research note on Friday, April 4th. They now have a $95.00 price target on the stock. Separately, analysts at Goldman Sachs downgraded shares of National-Oilwell Varco from a “buy” rating to a “neutral” rating in a research note on Monday, March 17th. Finally, analysts at ISI Group downgraded shares of National-Oilwell Varco from a “buy” rating to a “neutral” rating in a research note on Thursday, March 13th. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $90.16.
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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