Short Interest in National-Oilwell Varco Grows By 31.1% (NOV)
Shares of National-Oilwell Varco (NYSE:NOV) were the recipient of a significant growth in short interest in the month of May. As of May 30th, there was short interest totalling 13,558,752 shares, a growth of 31.1% from the May 15th total of 10,344,061 shares, Stock Ratings Network reports. Approximately 3.2% of the shares of the company are sold short. Based on an average daily trading volume, of 3,016,307 shares, the short-interest ratio is currently 4.5 days.
NOV has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of National-Oilwell Varco in a research note on Wednesday, June 18th. They now have a $87.00 price target on the stock, down previously from $94.00. Separately, 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. Finally, 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. Eight investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. National-Oilwell Varco presently has an average rating of “Buy” and an average price target of $89.40.
Shares of National-Oilwell Varco (NYSE:NOV) opened at 79.58 on Monday. National-Oilwell Varco has a 52 week low of $59.5221 and a 52 week high of $79.58. The stock has a 50-day moving average of $74.9 and a 200-day moving average of $71.15. The company has a market cap of $34.144 billion and a price-to-earnings ratio of 13.88.
National-Oilwell Varco (NYSE:NOV) last posted its quarterly earnings results on Monday, April 28th. The company reported $1.40 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $1.29 earnings per share. National-Oilwell Varco’s revenue was up 8.9% compared to the same quarter last year. Analysts expect that National-Oilwell Varco will post $6.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, June 27th. Shareholders 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 2.31%. The ex-dividend date of this dividend is Wednesday, June 11th. This is a positive change 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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