National Oilwell Varco, Inc. (NOV) Lowered to “Sell” at SunTrust Banks, Inc.
National Oilwell Varco, Inc. (NYSE:NOV) was downgraded by stock analysts at SunTrust Banks, Inc. from a “hold” rating to a “sell” rating in a research note issued on Monday, Marketbeat Ratings reports. They presently have a $50.00 price objective on the oil and gas exploration company’s stock, up from their prior price objective of $29.00. SunTrust Banks, Inc.’s price target would suggest a potential upside of 50.69% from the company’s current price. The analysts noted that the move was a valuation call.
Several other equities research analysts also recently commented on the company. BidaskClub upgraded National Oilwell Varco from a “strong sell” rating to a “sell” rating in a report on Saturday. Piper Jaffray Companies reiterated a “buy” rating and issued a $36.00 price objective on shares of National Oilwell Varco in a report on Thursday. Barclays PLC reiterated a “hold” rating and issued a $38.00 price objective on shares of National Oilwell Varco in a report on Wednesday, August 2nd. Cowen and Company reduced their price objective on National Oilwell Varco from $37.00 to $30.00 and set a “market perform” rating for the company in a report on Wednesday, August 2nd. Finally, Zacks Investment Research upgraded National Oilwell Varco from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Four investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $38.59.
National Oilwell Varco (NOV) traded down 3.19% during trading on Monday, reaching $32.12. 648,400 shares of the company traded hands. The firm’s market capitalization is $12.21 billion. The company’s 50-day moving average price is $33.02 and its 200 day moving average price is $36.10. National Oilwell Varco has a 52 week low of $31.02 and a 52 week high of $43.63.
National Oilwell Varco (NYSE:NOV) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.14). National Oilwell Varco had a negative return on equity of 2.12% and a negative net margin of 33.24%. The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the firm earned ($0.30) EPS. National Oilwell Varco’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities research analysts expect that National Oilwell Varco will post ($0.40) EPS for the current year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wesbanco Bank Inc. boosted its position in National Oilwell Varco by 22.8% in the first quarter. Wesbanco Bank Inc. now owns 8,259 shares of the oil and gas exploration company’s stock worth $331,000 after buying an additional 1,534 shares in the last quarter. Amalgamated Bank boosted its position in National Oilwell Varco by 6.1% in the first quarter. Amalgamated Bank now owns 26,521 shares of the oil and gas exploration company’s stock worth $1,063,000 after buying an additional 1,525 shares in the last quarter. Reilly Financial Advisors LLC boosted its position in National Oilwell Varco by 3.0% in the first quarter. Reilly Financial Advisors LLC now owns 229,165 shares of the oil and gas exploration company’s stock worth $9,187,000 after buying an additional 6,678 shares in the last quarter. World Asset Management Inc boosted its position in National Oilwell Varco by 9.7% in the first quarter. World Asset Management Inc now owns 43,074 shares of the oil and gas exploration company’s stock worth $1,727,000 after buying an additional 3,816 shares in the last quarter. Finally, Venturi Wealth Management LLC acquired a new position in National Oilwell Varco during the first quarter worth approximately $295,000. 91.00% of the stock is currently owned by institutional investors.
About National Oilwell Varco
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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