In a report issued on April 3, Kurt Hallead from RBC Capital maintained a Hold rating on National-Oilwell (NOV), with a price target of $12.00. The company’s shares closed last Friday at $9.85, close to its 52-week low of $8.00.
According to TipRanks.com, Hallead has currently no stars on a ranking scale of 0-5 stars, with an average return of -20.2% and a 26.2% success rate. Hallead covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Diamond Offshore Drilling, and Oceaneering International.
Currently, the analyst consensus on National-Oilwell is a Moderate Buy with an average price target of $17.50, which is a 67.3% upside from current levels. In a report issued on March 20, Stephens also downgraded the stock to Hold with a $9.00 price target.
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Based on National-Oilwell’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $2.28 billion and GAAP net loss of $385 million. In comparison, last year the company earned revenue of $2.4 billion and had a net profit of $12 million.
Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NOV in relation to earlier this year.
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National Oilwell Varco, Inc. provides equipment and technology to the upstream oil and gas industry. The company operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment monitors its capital equipment backlog to plan its business. 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. The company was founded in 1841 and is headquartered in Houston, TX.
