National-Oilwell Varco (NYSE:NOV) Upgraded to Buy by Goldman Sachs Group

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National-Oilwell Varco (NYSE:NOV) was upgraded by research analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, October 30th, Marketbeat.com reports. The firm currently has a $33.00 target price on the oil and gas exploration company’s stock, up from their previous target price of $29.00. Goldman Sachs Group’s target price points to a potential upside of 41.15% from the company’s previous close.

A number of other equities analysts have also recently issued reports on NOV. Morgan Stanley cut their target price on shares of National-Oilwell Varco from $28.00 to $25.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 8th. Cowen reissued a “market perform” rating and issued a $27.00 target price (up previously from $25.00) on shares of National-Oilwell Varco in a report on Wednesday, July 31st. Jefferies Financial Group raised National-Oilwell Varco from a “hold” rating to a “buy” rating and lifted their price target for the company from $23.00 to $25.00 in a report on Thursday, September 5th. Raymond James lifted their price target on National-Oilwell Varco from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Co lifted their price target on National-Oilwell Varco from $22.00 to $24.00 and gave the company a “market perform” rating in a report on Thursday, September 12th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $27.58.

NYSE NOV traded up $0.05 during trading hours on Wednesday, reaching $23.38. The company’s stock had a trading volume of 2,593,934 shares, compared to its average volume of 4,227,313. The company has a current ratio of 2.86, a quick ratio of 1.75 and a debt-to-equity ratio of 0.31. The business has a 50-day simple moving average of $21.68 and a 200 day simple moving average of $21.97. National-Oilwell Varco has a 52 week low of $18.05 and a 52 week high of $35.62. The stock has a market cap of $9.32 billion, a PE ratio of -292.25, a PEG ratio of 10.13 and a beta of 1.32.

National-Oilwell Varco (NYSE:NOV) last issued its earnings results on Monday, October 28th. The oil and gas exploration company reported ($0.64) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.76). National-Oilwell Varco had a negative return on equity of 2.82% and a negative net margin of 66.29%. The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.17 billion. National-Oilwell Varco’s quarterly revenue was down 1.3% compared to the same quarter last year. As a group, equities analysts predict that National-Oilwell Varco will post 0.16 EPS for the current year.

In other National-Oilwell Varco news, VP Scott K. Duff sold 6,000 shares of National-Oilwell Varco stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $23.51, for a total value of $141,060.00. Following the transaction, the vice president now owns 42,721 shares in the company, valued at $1,004,370.71. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Joseph W. Rovig sold 22,640 shares of National-Oilwell Varco stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $18.37, for a total transaction of $415,896.80. Following the completion of the transaction, the insider now owns 73,867 shares in the company, valued at approximately $1,356,936.79. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the business. TRUE Private Wealth Advisors purchased a new position in National-Oilwell Varco during the 2nd quarter worth approximately $26,000. Usca Ria LLC purchased a new position in National-Oilwell Varco during the 3rd quarter worth approximately $25,000. Lindbrook Capital LLC purchased a new position in National-Oilwell Varco during the 3rd quarter worth approximately $25,000. FinTrust Capital Advisors LLC grew its position in National-Oilwell Varco by 156.2% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 1,227 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 748 shares in the last quarter. Finally, Berman Capital Advisors LLC grew its position in National-Oilwell Varco by 385.0% during the 2nd quarter. Berman Capital Advisors LLC now owns 1,387 shares of the oil and gas exploration company’s stock worth $30,000 after purchasing an additional 1,101 shares in the last quarter. Hedge funds and other institutional investors own 94.63% of the company’s stock.

National-Oilwell Varco Company Profile

National Oilwell Varco, Inc designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The Wellbore Technologies segment offers various equipment and technologies used to perform drilling operations.

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Analyst Recommendations for National-Oilwell Varco (NYSE:NOV)

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