National-Oilwell Varco, Inc. (NOV) Earns “Hold” Rating from Scotiabank
Scotiabank reiterated their hold rating on shares of National-Oilwell Varco, Inc. (NYSE:NOV) in a research note published on Wednesday morning. Scotiabank currently has a $37.00 target price on the oil and gas exploration company’s stock.
A number of other research firms have also issued reports on NOV. Vetr lowered National-Oilwell Varco from a buy rating to a hold rating and set a $41.60 price objective on the stock. in a research note on Monday, February 27th. FBR & Co boosted their price objective on National-Oilwell Varco from $38.00 to $48.00 and gave the company an outperform rating in a research note on Thursday, February 16th. Argus upgraded National-Oilwell Varco from a hold rating to a buy rating and set a $51.00 price objective on the stock in a research note on Friday, March 3rd. Johnson Rice lowered National-Oilwell Varco from a buy rating to a hold rating in a research note on Friday, December 9th. Finally, Zacks Investment Research lowered National-Oilwell Varco from a buy rating to a hold rating in a research note on Monday, February 20th. Four equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. National-Oilwell Varco presently has a consensus rating of Hold and an average target price of $39.05.
National-Oilwell Varco (NYSE:NOV) opened at 35.63 on Wednesday. National-Oilwell Varco has a 12 month low of $28.54 and a 12 month high of $43.63. The company’s 50-day moving average is $38.70 and its 200 day moving average is $37.73. The company’s market cap is $13.49 billion.
National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings results on Monday, February 6th. The oil and gas exploration company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.14. National-Oilwell Varco had a negative return on equity of 2.08% and a negative net margin of 33.26%. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the prior year, the firm earned $0.23 EPS. The business’s revenue for the quarter was down 37.8% compared to the same quarter last year. Equities analysts forecast that National-Oilwell Varco will post ($0.37) earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Friday, March 17th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, March 15th. This represents a $0.20 annualized dividend and a dividend yield of 0.56%. National-Oilwell Varco’s dividend payout ratio (DPR) is presently -3.12%.
In other National-Oilwell Varco news, insider Joseph W. Rovig sold 49,825 shares of the business’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $41.48, for a total transaction of $2,066,741.00. Following the completion of the transaction, the insider now owns 91 shares in the company, valued at $3,774.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Scott K. Duff sold 37,369 shares of the business’s stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $39.87, for a total value of $1,489,902.03. Following the transaction, the vice president now owns 30,559 shares of the company’s stock, valued at approximately $1,218,387.33. The disclosure for this sale can be found here. Insiders have sold 91,979 shares of company stock valued at $3,751,823 in the last 90 days. Company insiders own 0.17% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue acquired a new position in shares of National-Oilwell Varco during the first quarter valued at about $443,000. Bright Rock Capital Management LLC raised its stake in shares of National-Oilwell Varco by 28.4% in the first quarter. Bright Rock Capital Management LLC now owns 149,000 shares of the oil and gas exploration company’s stock worth $5,973,000 after buying an additional 33,000 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of National-Oilwell Varco by 1.3% in the first quarter. Nisa Investment Advisors LLC now owns 169,461 shares of the oil and gas exploration company’s stock worth $6,792,000 after buying an additional 2,245 shares during the last quarter. DnB Asset Management AS raised its stake in shares of National-Oilwell Varco by 17.2% in the first quarter. DnB Asset Management AS now owns 47,745 shares of the oil and gas exploration company’s stock worth $1,914,000 after buying an additional 7,000 shares during the last quarter. Finally, Palisade Capital Management LLC NJ raised its stake in shares of National-Oilwell Varco by 18.3% in the first quarter. Palisade Capital Management LLC NJ now owns 53,582 shares of the oil and gas exploration company’s stock worth $2,148,000 after buying an additional 8,280 shares during the last quarter. Institutional investors and hedge funds own 94.98% of the company’s stock.
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.
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