National Oilwell Varco, Inc. (NYSE:NOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $39.00 target price on the oil and gas exploration company’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.33% from the company’s current price.

According to Zacks, “Ahead of National Oilwell Varco's Q3 results, we are taking a bullish stance on the company. Aggressive cost reduction and improved efficiencies helped the energy equipment maker wade through tough industry conditions prevailing over the past few years. Moreover, with oil now stabilizing around the $50 per barrel level, NOV is eyeing higher product sales. While maintaining its decent track record of earnings surprise history of a single miss in the last 4 quarters, NOV has performed better than the Zacks 'Oil Field machineries & Equipment' industry during that period. We further believe that the drilling equipment maker’s large installed base of worldwide rigs provide for a steady recurring revenue stream. Consequently, we think NOV offers upside potential from current levels and label it as an attractive investment.”

Several other brokerages have also issued reports on NOV. BMO Capital Markets reissued a “sell” rating and set a $30.00 price objective on shares of National Oilwell Varco in a report on Thursday, June 22nd. BidaskClub lowered shares of National Oilwell Varco from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. ValuEngine raised shares of National Oilwell Varco from a “sell” rating to a “hold” rating in a report on Wednesday, September 20th. Credit Suisse Group set a $35.00 price target on shares of National Oilwell Varco and gave the stock a “hold” rating in a report on Saturday, July 29th. Finally, FBR & Co reaffirmed a “buy” rating and issued a $42.00 price target on shares of National Oilwell Varco in a report on Thursday, August 31st. Four analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $38.59.

National Oilwell Varco (NOV) traded up 0.17% during mid-day trading on Monday, hitting $35.09. The company had a trading volume of 416,889 shares. The firm’s market capitalization is $13.34 billion. National Oilwell Varco has a 1-year low of $29.90 and a 1-year high of $43.63. The company has a 50 day moving average of $33.19 and a 200 day moving average of $34.01.

National Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.14). The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.78 billion. National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. National Oilwell Varco’s revenue was up 2.0% compared to the same quarter last year. During the same period last year, the company posted ($0.30) earnings per share. Analysts predict that National Oilwell Varco will post ($0.41) earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Cleararc Capital Inc. lifted its position in National Oilwell Varco by 0.7% during the first quarter. Cleararc Capital Inc. now owns 9,243 shares of the oil and gas exploration company’s stock valued at $371,000 after purchasing an additional 65 shares during the period. Fernwood Investment Management LLC lifted its position in National Oilwell Varco by 0.6% during the second quarter. Fernwood Investment Management LLC now owns 15,765 shares of the oil and gas exploration company’s stock valued at $519,000 after purchasing an additional 100 shares during the period. CIBC Asset Management Inc lifted its position in National Oilwell Varco by 0.3% during the second quarter. CIBC Asset Management Inc now owns 36,365 shares of the oil and gas exploration company’s stock valued at $1,198,000 after purchasing an additional 113 shares during the period. Cadence Capital Management LLC lifted its position in National Oilwell Varco by 1.0% during the second quarter. Cadence Capital Management LLC now owns 14,143 shares of the oil and gas exploration company’s stock valued at $466,000 after purchasing an additional 143 shares during the period. Finally, Peddock Capital Advisors LLC lifted its position in National Oilwell Varco by 1.7% during the second quarter. Peddock Capital Advisors LLC now owns 9,188 shares of the oil and gas exploration company’s stock valued at $303,000 after purchasing an additional 150 shares during the period. Institutional investors own 90.29% of the company’s stock.

National Oilwell Varco Company Profile

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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