National-Oilwell Varco (NYSE:NOV) Raised to Buy at Citigroup

Citigroup upgraded shares of National-Oilwell Varco (NYSE:NOV) from a neutral rating to a buy rating in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. They currently have $28.00 target price on the oil and gas exploration company’s stock, up from their prior target price of $23.00.

Several other research analysts have also recently commented on NOV. Johnson Rice cut National-Oilwell Varco from a buy rating to a hold rating and set a $25.00 target price for the company. in a research note on Monday, July 15th. Barclays lowered their target price on National-Oilwell Varco from $32.00 to $28.00 and set an equal weight rating for the company in a research note on Monday, April 15th. Zacks Investment Research cut National-Oilwell Varco from a hold rating to a strong sell rating in a research note on Monday, May 20th. Piper Jaffray Companies set a $25.00 target price on National-Oilwell Varco and gave the stock a buy rating in a research note on Monday, July 1st. Finally, ValuEngine cut National-Oilwell Varco from a hold rating to a sell rating in a research report on Thursday, May 23rd. Five analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $35.08.

NOV traded down $0.35 on Wednesday, hitting $22.09. 7,434,630 shares of the company were exchanged, compared to its average volume of 4,792,809. National-Oilwell Varco has a twelve month low of $19.57 and a twelve month high of $47.48. The stock has a market capitalization of $9.19 billion, a P/E ratio of -276.13 and a beta of 1.30. The company has a current ratio of 3.05, a quick ratio of 1.81 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $21.56.

National-Oilwell Varco (NYSE:NOV) last released its earnings results on Monday, July 29th. The oil and gas exploration company reported ($0.04) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. National-Oilwell Varco had a negative return on equity of 0.64% and a negative net margin of 63.23%. The firm had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.08 billion. Research analysts forecast that National-Oilwell Varco will post -0.06 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in NOV. Pzena Investment Management LLC raised its stake in National-Oilwell Varco by 45.9% during the 2nd quarter. Pzena Investment Management LLC now owns 24,225,557 shares of the oil and gas exploration company’s stock valued at $538,534,000 after acquiring an additional 7,616,881 shares during the last quarter. Comerica Bank raised its stake in National-Oilwell Varco by 4.1% during the 2nd quarter. Comerica Bank now owns 80,195 shares of the oil and gas exploration company’s stock valued at $1,667,000 after acquiring an additional 3,142 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in National-Oilwell Varco by 21.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 135,001 shares of the oil and gas exploration company’s stock valued at $3,001,000 after acquiring an additional 24,003 shares during the last quarter. TRUE Private Wealth Advisors purchased a new stake in National-Oilwell Varco during the 2nd quarter valued at approximately $26,000. Finally, DekaBank Deutsche Girozentrale raised its stake in National-Oilwell Varco by 80.6% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 75,150 shares of the oil and gas exploration company’s stock valued at $1,651,000 after acquiring an additional 33,540 shares during the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

National-Oilwell Varco Company Profile

National Oilwell Varco, Inc designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The Wellbore Technologies segment offers various equipment and technologies used to perform drilling operations.

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Analyst Recommendations for National-Oilwell Varco (NYSE:NOV)

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