In a report released today, Bill Herbert from Piper Jaffray reiterated a Buy rating on National-Oilwell (NYSE: NOV), with a price target of $53. The company’s shares opened today at $46.50, close to its 52-week high of $49.08.
According to TipRanks.com, Herbert is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -3.9% and a 44.3% success rate. Herbert covers the Basic Materials sector, focusing on stocks such as Baker Hughes a GE company, Schlumberger Limited, and Superior Energy.
The word on The Street in general, suggests a Hold analyst consensus rating for National-Oilwell with a $44 average price target, which is a -5.4% downside from current levels. In a report issued on July 30, Raymond James also maintained a Buy rating on the stock with a $55 price target.
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Based on National-Oilwell’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.11 billion and net profit of $24 million. In comparison, last year the company earned revenue of $1.76 billion and had a GAAP net loss of $75 million.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Clay Williams, the COB, Pres & CEO of NOV sold 465,116 shares for a total of $22,283,708.
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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 firm operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions.
