National-Oilwell Varco’s Overweight Rating Reaffirmed at JPMorgan Chase & Co. (NOV)
National-Oilwell Varco (NYSE:NOV)‘s stock had its “overweight” rating restated by research analysts at JPMorgan Chase & Co. in a report released on Wednesday. They currently have a $87.00 target price on the stock, down from their previous target price of $94.00. JPMorgan Chase & Co.’s price target indicates a potential upside of 11.65% from the stock’s previous close.
NOV has been the subject of a number of other recent research reports. Analysts at Societe Generale upgraded shares of National-Oilwell Varco from a “hold” rating to a “buy” rating in a research note on Thursday, June 12th. Separately, analysts at Raymond James reiterated an “outperform” rating on shares of National-Oilwell Varco in a research note on Thursday, June 5th. They now have a $85.00 price target on the stock, down previously from $90.00. Finally, analysts at Credit Suisse initiated coverage on shares of National-Oilwell Varco in a research note on Thursday, June 5th. They set an “outperform” rating and a $90.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. National-Oilwell Varco currently has a consensus rating of “Buy” and an average price target of $89.40.
Shares of National-Oilwell Varco (NYSE:NOV) traded down 0.22% on Wednesday, hitting $77.75. The stock had a trading volume of 1,184,562 shares. National-Oilwell Varco has a 1-year low of $59.5221 and a 1-year high of $78.65. The stock has a 50-day moving average of $74.2 and a 200-day moving average of $71.01. The company has a market cap of $33.358 billion and a P/E ratio of 13.82. National-Oilwell Varco also saw a significant increase in short interest in the month of May. As of May 30th, there was short interest totalling 13,558,752 shares, an increase of 31.1% from the May 15th total of 10,344,061 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average daily volume of 3,016,307 shares, the short-interest ratio is presently 4.5 days.
National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Monday, April 28th. The company reported $1.40 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.39 by $0.01. The company had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the company posted $1.29 earnings per share. The company’s quarterly revenue was up 8.9% on a year-over-year basis. On average, analysts predict that National-Oilwell Varco will post $6.07 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, June 27th. Stockholders of record on Friday, June 13th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Wednesday, June 11th. This is a boost from National-Oilwell Varco’s previous quarterly dividend of $0.26.
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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