National-Oilwell Varco, Inc. (NYSE:NOV) announced that Jose A. Bayardo has been named Senior Vice President and Chief Financial Officer of National Oilwell Varco, effective August 28, 2015. Mr. Bayardo succeeds Scott K. Duff, Interim Chief Financial Officer.
Prior to joining National Oilwell Varco, Mr. Bayardo, age 43, served as Senior Vice President, Resource and Business Development at Continental Resources, Inc. Prior to Continental, Mr. Bayardo spent nine years withComplete Production Services, Inc., serving in various roles, including the position of Senior Vice President, Chief Financial Officer and Treasurer. Mr. Bayardo also served in several other roles at Complete, including Vice President – Corporate Development and Investor Relations, and Vice President of a subsidiary’s Rocky Mountain and Mid-Continent operations. Prior to joining Complete Production Services, Mr. Bayardo was an investment banker with J.P. Morgan. Mr. Bayardo earned a Master of Business Administration from the Kellogg Graduate School of Management at Northwestern University, a Master of Engineering Management from the McCormick School of Engineering at Northwestern University and a Bachelor of Science in Chemical Engineering from the University of Texas at Austin.
Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, remarked, “I am delighted to welcome Jose to our executive management team. Jose brings a wealth of financial experience to NOV having worked both in the oil and gas industry and in investment banking during his career. Jose’s proven abilities in financial management will be central as we continue to pursue our strategic and financial business goals.”
Mr. Williams added, “I would also like to thank Scott Duff for his exceptional service and leadership over the past few months as we conducted our CFO search. With Scott’s continued support, we anticipate a smooth transition as Jose assumes his new roles and responsibilities. Scott will continue to serve as the company’s Vice President, Corporate Controller and Chief Accounting Officer.”
Mr. Bayardo remarked, “It is a tremendous opportunity to join the world’s leading oilfield equipment manufacturer. I look forward to working closely with the exceptional team at NOV to continue building on the success of the organization and further increase shareholder value.” (Original Source)
Shares of National-Oilwell Varco closed last Friday at $41.65. NOV has a 1-year high of $86.55 and a 1-year low of $34.54. The stock’s 50-day moving average is $41.25 and its 200-day moving average is $48.25.
On the ratings front, National-Oilwell Varco has been the subject of a number of recent research reports. In a report issued on July 30, FBR analyst Tom Curran reiterated a Buy rating on NOV, with a price target of $55, which implies an upside of 32.1% from current levels. Separately, on July 8, Citigroup’s Scott Gruber maintained a Sell rating on the stock and has a price target of $41.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Tom Curran and Scott Gruber have a total average return of -5.6% and 11.0% respectively. Curran has a success rate of 32.6% and is ranked #3362 out of 3743 analysts, while Gruber has a success rate of 69.2% and is ranked #829.
National Oilwell Varco Inc is a provider in the design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations, and the provision of oilfield services to the upstream oil and gas industry.