National-Oilwell Varco (NOV) Price Target Cut to $29.00

National-Oilwell Varco (NYSE:NOV) had its target price lowered by investment analysts at SunTrust Banks to $29.00 in a note issued to investors on Monday, The Fly reports. The firm currently has a “hold” rating on the oil and gas exploration company’s stock. SunTrust Banks’ price objective indicates a potential upside of 2.29% from the company’s previous close.

Several other brokerages have also commented on NOV. Barclays reaffirmed a “hold” rating and issued a $35.00 price target on shares of National-Oilwell Varco in a research note on Friday, January 18th. Zacks Investment Research reiterated a “strong sell” rating on shares of National-Oilwell Varco in a research report on Wednesday, November 14th. Royal Bank of Canada set a $43.00 price objective on National-Oilwell Varco and gave the company a “hold” rating in a research report on Sunday, October 28th. Raymond James set a $40.00 price objective on National-Oilwell Varco and gave the company a “buy” rating in a research report on Friday. Finally, R. F. Lafferty set a $43.00 price objective on National-Oilwell Varco and gave the company a “buy” rating in a research report on Wednesday, November 28th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company’s stock. National-Oilwell Varco has a consensus rating of “Hold” and a consensus price target of $39.39.

Shares of NYSE:NOV traded up $0.07 during trading on Monday, hitting $28.35. 68,811 shares of the stock were exchanged, compared to its average volume of 3,989,973. National-Oilwell Varco has a 1-year low of $24.27 and a 1-year high of $49.08. The firm has a market capitalization of $10.87 billion, a PE ratio of -355.25, a PEG ratio of 11.73 and a beta of 1.25. The company has a current ratio of 3.11, a quick ratio of 1.83 and a debt-to-equity ratio of 0.19.

National-Oilwell Varco (NYSE:NOV) last announced its quarterly earnings results on Wednesday, February 6th. The oil and gas exploration company reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.05). The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.18 billion. National-Oilwell Varco had a negative net margin of 0.37% and a negative return on equity of 0.22%. National-Oilwell Varco’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) EPS. On average, sell-side analysts predict that National-Oilwell Varco will post 0.4 EPS for the current year.

National-Oilwell Varco announced that its board has approved a share repurchase plan on Tuesday, November 6th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the oil and gas exploration company to buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc increased its holdings in National-Oilwell Varco by 2.0% in the third quarter. Legal & General Group Plc now owns 2,012,309 shares of the oil and gas exploration company’s stock valued at $86,712,000 after purchasing an additional 39,430 shares during the last quarter. Aperio Group LLC grew its stake in National-Oilwell Varco by 7.3% in the third quarter. Aperio Group LLC now owns 280,566 shares of the oil and gas exploration company’s stock valued at $12,087,000 after acquiring an additional 19,000 shares during the period. State of Alaska Department of Revenue grew its stake in National-Oilwell Varco by 29.5% in the fourth quarter. State of Alaska Department of Revenue now owns 138,601 shares of the oil and gas exploration company’s stock valued at $3,559,000 after acquiring an additional 31,567 shares during the period. Three Peaks Capital Management LLC acquired a new position in National-Oilwell Varco in the third quarter valued at about $1,751,000. Finally, Renaissance Technologies LLC grew its stake in National-Oilwell Varco by 55.2% in the third quarter. Renaissance Technologies LLC now owns 597,910 shares of the oil and gas exploration company’s stock valued at $25,758,000 after acquiring an additional 212,600 shares during the period. Institutional investors and hedge funds own 92.16% of the company’s stock.

National-Oilwell Varco Company Profile

National Oilwell Varco, Inc designs, manufactures, and sells systems and components used in oil and gas drilling and production; and provides oilfield services to the upstream oil and gas industry worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

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