National Oilwell Varco (NOV) Lowered to “Sell” at Citigroup Inc.
Citigroup Inc. lowered shares of National Oilwell Varco (NYSE:NOV) from a neutral rating to a sell rating in a report issued on Monday morning. Citigroup Inc. currently has $30.00 target price on the oil and gas exploration company’s stock, down from their previous target price of $37.00.
Several other equities research analysts have also recently weighed in on NOV. Jefferies Group reiterated a hold rating and set a $32.00 price target on shares of National Oilwell Varco in a research report on Monday, August 1st. Howard Weil upped their price target on National Oilwell Varco from $32.00 to $37.00 and gave the company a sector perform rating in a research report on Wednesday, June 15th. Zacks Investment Research upgraded National Oilwell Varco from a sell rating to a hold rating in a research report on Monday, June 13th. Bank of America Corp. reiterated an underperform rating on shares of National Oilwell Varco in a research report on Monday, June 13th. Finally, Vetr cut National Oilwell Varco from a buy rating to a hold rating and set a $37.96 price target on the stock. in a research report on Wednesday, June 8th. Five analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. National Oilwell Varco presently has a consensus rating of Hold and a consensus price target of $34.70.
Shares of National Oilwell Varco (NYSE:NOV) traded down 1.41% during mid-day trading on Monday, reaching $35.65. 1,377,367 shares of the company’s stock were exchanged. National Oilwell Varco has a 52-week low of $25.74 and a 52-week high of $42.62. The company’s 50-day moving average price is $34.34 and its 200 day moving average price is $32.80. The company’s market cap is $13.46 billion.
National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings results on Thursday, July 28th. The oil and gas exploration company reported ($0.30) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.02. National Oilwell Varco had a positive return on equity of 1.83% and a negative net margin of 17.14%. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the prior year, the business posted $0.77 earnings per share. The company’s revenue was down 55.9% on a year-over-year basis. On average, equities research analysts predict that National Oilwell Varco will post ($0.92) EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were issued a $0.05 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $0.20 dividend on an annualized basis and a yield of 0.55%. National Oilwell Varco’s dividend payout ratio (DPR) is -4.40%.
In other National Oilwell Varco news, VP Scott K. Duff sold 3,181 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $33.40, for a total value of $106,245.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.17% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of NOV. Alps Advisors Inc. purchased a new position in National Oilwell Varco during the second quarter worth about $25,259,000. Legal & General Group Plc increased its position in shares of National Oilwell Varco by 10.2% in the first quarter. Legal & General Group Plc now owns 1,946,920 shares of the oil and gas exploration company’s stock valued at $60,553,000 after buying an additional 180,873 shares during the last quarter. National Pension Service increased its position in shares of National Oilwell Varco by 4.4% in the first quarter. National Pension Service now owns 247,049 shares of the oil and gas exploration company’s stock valued at $7,683,000 after buying an additional 10,498 shares during the last quarter. Hancock Holding Co. bought a new position in shares of National Oilwell Varco during the first quarter valued at $3,125,000. Finally, Canada Pension Plan Investment Board increased its position in shares of National Oilwell Varco by 21.4% in the first quarter. Canada Pension Plan Investment Board now owns 17,613 shares of the oil and gas exploration company’s stock valued at $548,000 after buying an additional 3,100 shares during the last quarter. Institutional investors and hedge funds own 94.11% of the company’s stock.
About National Oilwell Varco
National Oilwell Varco, Inc (NOV) is engaged in providing design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations. The Company operates through four segments: Rig Systems, which makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore; Rig Aftermarket, which provides aftermarket products and services to support land and offshore rigs, and drilling rig components manufactured by the Company’s Rig Systems segment; Wellbore Technologies, which sells and rents solids control equipment, and provides solids control, waste management and drilling fluids services, and Completion & Production Solutions, which provides technologies for well completions and oil and gas production.
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