National-Oilwell Varco Now Covered by Gabelli (NOV)
Investment analysts at Gabelli started coverage on shares of National-Oilwell Varco (NYSE:NOV) in a note issued to investors on Wednesday. The firm set a “buy” rating and a $122.00 price target on the stock. Gabelli’s price objective suggests a potential upside of 53.38% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. 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 equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $90.95.
National-Oilwell Varco (NYSE:NOV) opened at 79.54 on Wednesday. National-Oilwell Varco has a 52 week low of $60.8837 and a 52 week high of $80.92. The stock has a 50-day moving average of $75.41 and a 200-day moving average of $71.20. The company has a market cap of $34.126 billion and a P/E ratio of 14.10. National-Oilwell Varco also was the target of 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. Approximately 3.2% of the company’s shares are short sold. Based on an average daily trading volume, of 3,016,307 shares, the short-interest ratio is currently 4.5 days.
National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Monday, April 28th. The company reported $1.40 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $1.29 earnings per share. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. 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. Investors 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 an increase 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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