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.

Analyst Recommendations for National Oilwell Varco (NYSE:NOV)

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