FY2019 Earnings Forecast for National-Oilwell Varco, Inc. (NOV) Issued By Gabelli

National-Oilwell Varco, Inc. (NYSE:NOV) – Research analysts at Gabelli dropped their FY2019 earnings per share (EPS) estimates for shares of National-Oilwell Varco in a research note issued to investors on Monday, February 11th. Gabelli analyst S. Wong now expects that the oil and gas exploration company will post earnings per share of $0.40 for the year, down from their prior forecast of $0.55. Gabelli has a “Buy” rating on the stock. Gabelli also issued estimates for National-Oilwell Varco’s FY2023 earnings at $3.25 EPS.

A number of other brokerages have also issued reports on NOV. Barclays reissued a “hold” rating and issued a $35.00 price objective on shares of National-Oilwell Varco in a report on Friday, January 18th. Zacks Investment Research reissued a “strong sell” rating on shares of National-Oilwell Varco in a report on Wednesday, November 14th. Royal Bank of Canada set a $43.00 price objective on shares of National-Oilwell Varco and gave the company a “hold” rating in a report on Sunday, October 28th. Raymond James set a $40.00 price objective on shares of National-Oilwell Varco and gave the company a “buy” rating in a report on Friday. Finally, R. F. Lafferty set a $43.00 price objective on shares of National-Oilwell Varco and gave the company a “buy” rating in a report on Wednesday, November 28th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $39.09.

Shares of NOV opened at $28.83 on Tuesday. The company has a quick ratio of 1.83, a current ratio of 3.11 and a debt-to-equity ratio of 0.19. National-Oilwell Varco has a 12-month low of $24.27 and a 12-month high of $49.08. The stock has a market capitalization of $10.87 billion, a P/E ratio of -360.38, a PEG ratio of 11.73 and a beta of 1.25.

National-Oilwell Varco (NYSE:NOV) last announced its quarterly earnings data on Wednesday, February 6th. The oil and gas exploration company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.05). National-Oilwell Varco had a negative net margin of 0.37% and a negative return on equity of 0.22%. The firm had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same period in the prior year, the company posted ($0.04) EPS. The company’s revenue for the quarter was up 21.8% compared to the same quarter last year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc lifted its position in National-Oilwell Varco by 2.0% in the third quarter. Legal & General Group Plc now owns 2,012,309 shares of the oil and gas exploration company’s stock valued at $86,712,000 after buying an additional 39,430 shares during the last quarter. Aperio Group LLC lifted its position in National-Oilwell Varco by 7.3% in the third quarter. Aperio Group LLC now owns 280,566 shares of the oil and gas exploration company’s stock valued at $12,087,000 after buying an additional 19,000 shares during the last quarter. State of Alaska Department of Revenue lifted its position in National-Oilwell Varco by 29.5% in the fourth quarter. State of Alaska Department of Revenue now owns 138,601 shares of the oil and gas exploration company’s stock valued at $3,559,000 after buying an additional 31,567 shares during the last quarter. Three Peaks Capital Management LLC acquired a new position in National-Oilwell Varco in the third quarter valued at about $1,751,000. Finally, Renaissance Technologies LLC lifted its position in National-Oilwell Varco by 55.2% in the third quarter. Renaissance Technologies LLC now owns 597,910 shares of the oil and gas exploration company’s stock valued at $25,758,000 after buying an additional 212,600 shares during the last quarter. 92.16% of the stock is currently owned by institutional investors.

National-Oilwell Varco declared that its board has approved a share buyback plan on Tuesday, November 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas exploration company to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

About National-Oilwell Varco

National Oilwell Varco, Inc designs, manufactures, and sells systems and components used in oil and gas drilling and production; and provides oilfield services to the upstream oil and gas industry worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

See Also: Stop Order

Earnings History and Estimates for National-Oilwell Varco (NYSE:NOV)

Receive News & Ratings for National-Oilwell Varco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for National-Oilwell Varco and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply