National-Oilwell Varco Receives “Neutral” Rating from Zacks (NOV)
National-Oilwell Varco (NYSE:NOV)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Wednesday. They currently have a $88.00 price objective on the stock. Zacks‘s price target suggests a potential upside of 4.91% from the company’s current price.
Zacks’ analyst wrote, “We are maintaining our Neutral recommendation on National Oilwell Varco. We like its healthy backlog, solid balance sheet and strength in international operations, particularly in the Middle East and Brazil. The Robbins & Myers acquisition has further boosted NOV’s earnings visibility by expanding its blowout preventer product line a critical safety machine for a well. NOV’s proposal to split into two separate entities has added to the positive sentiment. However, we think the current valuation is fair and adequately reflects the company’s future growth prospects. Moreover, with markets remaining competitive and pricing likely to be weak, we see no obvious catalyst in NOV’s business to significantly push the stock price higher.”
Shares of National-Oilwell Varco (NYSE:NOV) traded up 1.44% on Wednesday, hitting $85.09. The stock had a trading volume of 2,722,548 shares. National-Oilwell Varco has a 52 week low of $61.3796 and a 52 week high of $84.67. The stock has a 50-day moving average of $79.24 and a 200-day moving average of $72.43. The company has a market cap of $36.508 billion and a P/E ratio of 14.87.
National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data 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 $6.00 EPS for the current fiscal year.
A number of other firms have also recently commented on NOV. Analysts at Goldman Sachs raised their price target on shares of National-Oilwell Varco from $72.00 to $78.00 in a research note on Thursday, July 10th. Separately, analysts at Gabelli initiated coverage on shares of National-Oilwell Varco in a research note on Wednesday, June 25th. They set a “buy” rating and a $122.00 price target on the stock. Finally, 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. Seven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $90.95.
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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