Equities Analysts Set Expectations for National Oilwell Varco’s Q1 2018 Earnings (NOV)
National Oilwell Varco (NYSE:NOV) – Investment analysts at Seaport Global Securities dropped their Q1 2018 earnings per share (EPS) estimates for shares of National Oilwell Varco in a research report issued to clients and investors on Wednesday. Seaport Global Securities analyst M. Brown now expects that the brokerage will post earnings per share of $0.05 for the quarter, down from their previous estimate of $0.08. Seaport Global Securities currently has a “Neutral” rating on the stock. Seaport Global Securities also issued estimates for National Oilwell Varco’s Q2 2018 earnings at $0.18 EPS, Q3 2018 earnings at $0.29 EPS and FY2018 earnings at $0.96 EPS.
NOV has been the topic of several other reports. Scotiabank reissued a “sector perform” rating and issued a $37.00 price target (up from $32.00) on shares of National Oilwell Varco in a research note on Wednesday, June 15th. Vetr upgraded shares of National Oilwell Varco from a “buy” rating to a “strong-buy” rating and set a $37.96 price objective for the company in a research report on Wednesday, June 15th. Johnson Rice upgraded shares of National Oilwell Varco from a “hold” rating to an “accumulate” rating in a research report on Friday, July 29th. Citigroup Inc. raised their price objective on shares of National Oilwell Varco from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Monday, September 12th. Finally, Jefferies Group restated a “hold” rating and set a $33.00 price objective (up from $30.00) on shares of National Oilwell Varco in a research report on Monday, July 11th. Five investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and seven have assigned a buy rating to the company. National Oilwell Varco has an average rating of “Hold” and a consensus target price of $34.70.
Shares of National Oilwell Varco (NYSE:NOV) traded up 0.58% during midday trading on Thursday, hitting $36.29. 3,201,789 shares of the stock traded hands. The stock has a 50-day moving average of $34.62 and a 200-day moving average of $33.02. The company’s market cap is $13.70 billion. National Oilwell Varco has a 52-week low of $25.74 and a 52-week high of $40.24.
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National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings results on Thursday, July 28th. The oil and gas exploration company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.02. National Oilwell Varco had a negative net margin of 17.14% and a positive return on equity of 1.83%. The firm earned $1.72 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the company earned $0.77 EPS. The company’s revenue was down 55.9% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were paid a $0.05 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $0.20 annualized dividend and a yield of 0.55%. National Oilwell Varco’s dividend payout ratio is currently -4.40%.
In other National Oilwell Varco news, VP Scott K. Duff sold 3,181 shares of the business’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $33.40, for a total value of $106,245.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in NOV. Alps Advisors Inc. purchased a new position in shares of National Oilwell Varco during the second quarter valued at about $25,259,000. Legal & General Group Plc boosted its position in shares of National Oilwell Varco by 10.2% in the first quarter. Legal & General Group Plc now owns 1,946,920 shares of the oil and gas exploration company’s stock valued at $60,553,000 after buying an additional 180,873 shares in the last quarter. National Pension Service boosted its position in shares of National Oilwell Varco by 4.4% in the first quarter. National Pension Service now owns 247,049 shares of the oil and gas exploration company’s stock valued at $7,683,000 after buying an additional 10,498 shares in the last quarter. Hancock Holding Co. purchased a new position in shares of National Oilwell Varco during the first quarter valued at about $3,125,000. Finally, Canada Pension Plan Investment Board boosted its position in shares of National Oilwell Varco by 21.4% in the first quarter. Canada Pension Plan Investment Board now owns 17,613 shares of the oil and gas exploration company’s stock valued at $548,000 after buying an additional 3,100 shares in the last quarter. 94.11% of the stock is currently owned by institutional investors.
About National Oilwell Varco
National Oilwell Varco, Inc (NOV) is engaged in providing design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations. The Company operates through four segments: Rig Systems, which makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore; Rig Aftermarket, which provides aftermarket products and services to support land and offshore rigs, and drilling rig components manufactured by the Company’s Rig Systems segment; Wellbore Technologies, which sells and rents solids control equipment, and provides solids control, waste management and drilling fluids services, and Completion & Production Solutions, which provides technologies for well completions and oil and gas production.
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