National Oilwell Varco, Inc. (NOV) Expected to Announce Quarterly Sales of $1.76 Billion
Wall Street brokerages expect National Oilwell Varco, Inc. (NYSE:NOV) to announce sales of $1.76 billion for the current quarter, according to Zacks. Seven analysts have made estimates for National Oilwell Varco’s earnings. The highest sales estimate is $1.80 billion and the lowest is $1.71 billion. National Oilwell Varco posted sales of $1.72 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 2.3%. The firm is expected to issue its next earnings report after the market closes on Thursday, July 27th.
According to Zacks, analysts expect that National Oilwell Varco will report full year sales of $1.76 billion for the current financial year, with estimates ranging from $7.06 billion to $7.62 billion. For the next year, analysts expect that the business will report sales of $8.86 billion per share, with estimates ranging from $7.80 billion to $10.21 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover National Oilwell Varco.
National Oilwell Varco (NYSE:NOV) last posted its earnings results on Wednesday, April 26th. The oil and gas exploration company reported ($0.17) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.03. National Oilwell Varco had a negative return on equity of 2.44% and a negative net margin of 35.50%. The business had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the previous year, the firm earned ($0.06) EPS. The company’s quarterly revenue was down 20.5% compared to the same quarter last year.
Several research firms have weighed in on NOV. Vetr cut National Oilwell Varco from a “strong-buy” rating to a “buy” rating and set a $44.47 price target for the company. in a report on Wednesday, March 29th. Jefferies Group LLC reissued a “hold” rating and set a $36.00 price target on shares of National Oilwell Varco in a research note on Tuesday, April 11th. R. F. Lafferty started coverage on National Oilwell Varco in a research report on Thursday, April 6th. They set a “hold” rating and a $39.00 target price for the company. BMO Capital Markets set a $30.00 target price on National Oilwell Varco and gave the company a “sell” rating in a research report on Wednesday, April 12th. Finally, Zacks Investment Research lowered National Oilwell Varco from a “hold” rating to a “sell” rating in a research report on Tuesday, April 18th. Four investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $39.35.
Shares of National Oilwell Varco (NOV) traded down 0.5426% on Wednesday, hitting $33.3978. The stock had a trading volume of 215,478 shares. National Oilwell Varco has a 52 week low of $29.79 and a 52 week high of $43.63. The firm has a 50-day moving average price of $33.06 and a 200-day moving average price of $36.32. The stock’s market capitalization is $12.69 billion.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 16th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Wednesday, June 14th. National Oilwell Varco’s dividend payout ratio (DPR) is presently -3.12%.
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Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Partners Fund LP acquired a new stake in National Oilwell Varco during the first quarter valued at approximately $120,000. Quadrant Capital Group LLC raised its stake in National Oilwell Varco by 6.8% in the first quarter. Quadrant Capital Group LLC now owns 3,214 shares of the oil and gas exploration company’s stock valued at $122,000 after buying an additional 205 shares in the last quarter. Exane Derivatives raised its stake in National Oilwell Varco by 113.8% in the second quarter. Exane Derivatives now owns 3,985 shares of the oil and gas exploration company’s stock valued at $131,000 after buying an additional 2,121 shares in the last quarter. WMS Partners LLC acquired a new stake in National Oilwell Varco during the first quarter valued at approximately $200,000. Finally, Tiedemann Wealth Management LLC acquired a new stake in National Oilwell Varco during the first quarter valued at approximately $203,000. Institutional investors and hedge funds own 91.41% of the company’s stock.
National Oilwell Varco Company Profile
National Oilwell Varco, Inc is an oilfield equipment manufacturer and technology provider. The Company operates through four segments: Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. The Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore.
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