National Oilwell Varco, Inc. (NOV) Downgraded by SunTrust Banks, Inc. to “Sell”

SunTrust Banks, Inc. cut shares of National Oilwell Varco, Inc. (NYSE:NOV) from a hold rating to a sell rating in a research note released on Monday. They currently have $50.00 price target on the oil and gas exploration company’s stock, up from their prior price target of $29.00. The analysts noted that the move was a valuation call.

Several other research firms have also commented on NOV. BMO Capital Markets restated a sell rating and issued a $30.00 price objective on shares of National Oilwell Varco in a research note on Thursday, June 22nd. Credit Suisse Group set a $35.00 price objective on National Oilwell Varco and gave the stock a hold rating in a research note on Saturday, July 29th. Barclays PLC restated a hold rating and issued a $38.00 price objective on shares of National Oilwell Varco in a research note on Wednesday, August 2nd. BidaskClub upgraded National Oilwell Varco from a strong sell rating to a sell rating in a research note on Saturday. Finally, 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 research note on Wednesday, August 2nd. Four equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. National Oilwell Varco has a consensus rating of Hold and a consensus target price of $38.59.

Shares of National Oilwell Varco (NYSE:NOV) traded down 1.01% during trading on Monday, hitting $31.47. The stock had a trading volume of 1,088,332 shares. National Oilwell Varco has a 1-year low of $31.02 and a 1-year high of $43.63. The stock’s 50-day moving average price is $33.02 and its 200 day moving average price is $36.10. The firm’s market capitalization is $11.96 billion.

National Oilwell Varco (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas exploration company reported ($0.14) EPS for the quarter, hitting the consensus estimate of ($0.14). The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.78 billion. National Oilwell Varco had a negative return on equity of 2.12% and a negative net margin of 33.24%. National Oilwell Varco’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.30) EPS. On average, analysts anticipate that National Oilwell Varco will post ($0.40) earnings per share for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in NOV. AQR Capital Management LLC increased its position in shares of National Oilwell Varco by 98.0% in the fourth quarter. AQR Capital Management LLC now owns 18,411 shares of the oil and gas exploration company’s stock worth $689,000 after buying an additional 9,113 shares during the last quarter. Teachers Advisors LLC increased its position in shares of National Oilwell Varco by 1.8% in the fourth quarter. Teachers Advisors LLC now owns 755,987 shares of the oil and gas exploration company’s stock worth $28,304,000 after buying an additional 13,547 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its position in shares of National Oilwell Varco by 48.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 471,203 shares of the oil and gas exploration company’s stock worth $18,891,000 after buying an additional 153,003 shares during the last quarter. Creative Planning increased its position in shares of National Oilwell Varco by 58.4% in the first quarter. Creative Planning now owns 32,683 shares of the oil and gas exploration company’s stock worth $1,310,000 after buying an additional 12,051 shares during the last quarter. Finally, First National Bank of Mount Dora Trust Investment Services increased its position in shares of National Oilwell Varco by 66.7% in the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 44,563 shares of the oil and gas exploration company’s stock worth $1,786,000 after buying an additional 17,825 shares during the last quarter. 91.00% of the stock is owned by hedge funds and other 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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