Analysts Expect National-Oilwell Varco, Inc. (NOV) Will Announce Quarterly Sales of $2.21 Billion

Analysts predict that National-Oilwell Varco, Inc. (NYSE:NOV) will announce sales of $2.21 billion for the current fiscal quarter, according to Zacks. Eleven analysts have provided estimates for National-Oilwell Varco’s earnings. The lowest sales estimate is $2.18 billion and the highest is $2.27 billion. National-Oilwell Varco posted sales of $1.97 billion in the same quarter last year, which suggests a positive year over year growth rate of 12.2%. The company is scheduled to report its next earnings report on Monday, February 4th.

On average, analysts expect that National-Oilwell Varco will report full year sales of $8.27 billion for the current financial year, with estimates ranging from $8.24 billion to $8.35 billion. For the next fiscal year, analysts forecast that the business will post sales of $9.27 billion, with estimates ranging from $8.79 billion to $9.76 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for National-Oilwell Varco.

A number of brokerages have commented on NOV. Morgan Stanley initiated coverage on shares of National-Oilwell Varco in a research note on Tuesday, September 18th. They issued an “equal weight” rating and a $50.00 price objective for the company. Stifel Nicolaus initiated coverage on shares of National-Oilwell Varco in a research note on Monday, September 10th. They set a “buy” rating and a $54.00 price target for the company. ValuEngine raised shares of National-Oilwell Varco from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. Barclays dropped their target price on shares of National-Oilwell Varco from $44.00 to $40.00 and set a “hold” rating on the stock in a research report on Monday, October 29th. Finally, Piper Jaffray Companies restated a “buy” rating and set a $53.00 price objective on shares of National-Oilwell Varco in a research report on Monday, August 6th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $42.91.

Hedge funds have recently added to or reduced their stakes in the business. Quad Cities Investment Group LLC acquired a new stake in National-Oilwell Varco during the second quarter worth approximately $104,000. Cerebellum GP LLC acquired a new position in shares of National-Oilwell Varco in the 3rd quarter valued at $163,000. First Hawaiian Bank acquired a new position in shares of National-Oilwell Varco in the 3rd quarter valued at $174,000. Point72 Hong Kong Ltd acquired a new position in shares of National-Oilwell Varco in the 3rd quarter valued at $179,000. Finally, Captrust Financial Advisors grew its position in National-Oilwell Varco by 520.5% in the 3rd quarter. Captrust Financial Advisors now owns 4,443 shares of the oil and gas exploration company’s stock valued at $191,000 after buying an additional 3,727 shares during the last quarter. 95.75% of the stock is currently owned by institutional investors.

Shares of NOV stock traded down $0.62 on Monday, hitting $32.11. 3,708,644 shares of the stock traded hands, compared to its average volume of 3,566,465. The company has a market capitalization of $12.55 billion, a price-to-earnings ratio of -76.45 and a beta of 1.03. National-Oilwell Varco has a 52 week low of $31.30 and a 52 week high of $49.08. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.17 and a quick ratio of 1.78.

National-Oilwell Varco announced that its board has authorized a share repurchase program on Tuesday, November 6th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the oil and gas exploration company to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Friday, December 7th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.20 dividend on an annualized basis and a yield of 0.62%. National-Oilwell Varco’s payout ratio is currently -47.62%.

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.

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

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