National Oilwell Varco, Inc. (NYSE:NOV) Price Target Cut to $31.00

National Oilwell Varco, Inc. (NYSE:NOV) had its target price lowered by equities research analysts at R. F. Lafferty from $33.00 to $31.00 in a report released on Monday, November 6th, MarketBeat.com reports. The firm currently has a “hold” rating on the oil and gas exploration company’s stock. R. F. Lafferty’s price objective indicates a potential downside of 2.67% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Piper Jaffray Companies set a $37.00 price target on shares of National Oilwell Varco and gave the stock a “buy” rating in a research note on Thursday, July 27th. Loop Capital raised shares of National Oilwell Varco from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Thursday, August 17th. FBR & Co reissued a “buy” rating and issued a $42.00 price objective on shares of National Oilwell Varco in a research report on Thursday, August 31st. Zacks Investment Research raised shares of National Oilwell Varco from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Monday, October 9th. Finally, Capital One Financial Corporation reissued an “equal weight” rating on shares of National Oilwell Varco in a research report on Friday, October 27th. Six equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. National Oilwell Varco currently has a consensus rating of “Hold” and an average price target of $37.83.

National Oilwell Varco (NYSE NOV) opened at $31.85 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.62 and a current ratio of 2.75. National Oilwell Varco has a one year low of $29.90 and a one year high of $43.63.

National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings data on Thursday, October 26th. The oil and gas exploration company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.86 billion. National Oilwell Varco had a negative net margin of 13.33% and a negative return on equity of 1.41%. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.34) earnings per share. analysts expect that National Oilwell Varco will post -0.41 earnings per share for the current year.

A number of large investors have recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in National Oilwell Varco by 15.7% during the 1st quarter. Wellington Management Group LLP now owns 50,171 shares of the oil and gas exploration company’s stock valued at $2,011,000 after buying an additional 6,812 shares during the period. Thrivent Financial For Lutherans grew its stake in shares of National Oilwell Varco by 6.6% in the 1st quarter. Thrivent Financial For Lutherans now owns 13,980 shares of the oil and gas exploration company’s stock worth $560,000 after purchasing an additional 860 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of National Oilwell Varco by 3,138.4% in the 1st quarter. Renaissance Technologies LLC now owns 353,310 shares of the oil and gas exploration company’s stock worth $14,164,000 after purchasing an additional 342,400 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of National Oilwell Varco by 22.2% in the 1st quarter. HighTower Advisors LLC now owns 22,363 shares of the oil and gas exploration company’s stock worth $895,000 after purchasing an additional 4,066 shares during the last quarter. Finally, DnB Asset Management AS grew its stake in shares of National Oilwell Varco by 0.6% in the 2nd quarter. DnB Asset Management AS now owns 48,045 shares of the oil and gas exploration company’s stock worth $1,583,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 90.39% of the company’s stock.

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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.

Analyst Recommendations for National Oilwell Varco (NYSE:NOV)

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