Company Update (NYSE:NOV): National-Oilwell Varco, Inc. Completes Acquisition of Fjords Processing


National-Oilwell Varco, Inc. (NYSE:NOV) announced that it has completed its acquisition of Fjords Processing, a global leader in the provision of processing technology, systems and services to the upstream oil and gas industry.

“Fjords Processing has a long and rich history of developing and providing innovative technologies related to separation, water treatment, and oil and gas processing solutions,” commented Clay Williams, Chairman, President and CEO. “We are very pleased to welcome the talented employees of Fjords into our organization and to begin offering the fully integrated capabilities of Fjords and NOV to our customers.”

Combining Fjords’ project design, management and aftermarket support with NOV’s technologies and global infrastructure enhances the combined organization’s ability to deliver industry leading solutions that cost effectively address customers’ processing needs. NOV now offers a vertically integrated global organization that provides engineering design, manufacturing and global aftermarket support for processing modules and packages used in onshore and offshore applications.

Fjords Processing is based in Oslo, Norway and has approximately 500 employees in 12 countries. (Original Source)

Shares of National-Oilwell Varco closed yesterday at $38.49. NOV has a 1-year high of $43.63 and a 1-year low of $25.74. The stock’s 50-day moving average is $36.07 and its 200-day moving average is $34.73.

On the ratings front, National-Oilwell Varco has been the subject of a number of recent research reports. In a report issued on November 15, Jefferies Co. analyst Brad Handler reiterated a Hold rating on NOV. Separately, on November 8, FBR’s Tom Curran reiterated a Buy rating on the stock and has a price target of $38.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brad Handler and Tom Curran have a yearly average loss of -2.8% and a return of 6.2% respectively. Handler has a success rate of 47% and is ranked #3799 out of 4288 analysts, while Curran has a success rate of 56% and is ranked #688.

Overall, 2 research analysts have rated the stock with a Sell rating, 5 research analysts have assigned a Hold rating and one research analyst has given a a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $30.75 which is -20.1% under where the stock closed yesterday.

National Oilwell Varco, Inc. provides equipment and components that are used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company operates through the following segments: Rig Systems, Rig Aftermarket, Wellbore Technologies, and Completion and Production Solutions. The Rig Systems segment designs, manufactures, and sells land rigs, offshore drilling equipment packages, including installation and commissioning services, and drilling rig components that mechanize and automate the drilling process and rig functionality. The Rig Aftermarket segment provides spare parts, repair, and rentals as well as technical support, field service, and first well support, field engineering, and customer training. The Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations, and offers services that optimize their performance. The Completion and Production Solutions segment integrates technologies for well completions and oil and gas production.