Analysis: National Oilwell Varco (NYSE:NOV) Stock Target Has Been Increased Today
In analysts note sent to investors by RBC Capital Markets on Friday, 18 December, the firm, National Oilwell Varco (NYSE:NOV), had their Estimated Target Price lowered to $37.00. Analusts at present have a solid “Sector Perform” rating on the stock.
From a total of 30 analysts covering National Oilwell Varco (NYSE:NOV) stock, 0 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that NaN of the ratings are positive. The highest target price is $55 while the lowest target price is $29. The mean of all analyst targets is $39.47 with a 17.30% above today’s ($33.24) stock price. National Oilwell Varco was the topic of 25 analyst reports since July 31, 2015 according to the firm StockzIntelligence Inc. Citigroup upgraded shares on December 11 to “Neutral” rating. Citigroup maintained shares with “Sell” rating and $32 target share price in a report from an October 5. Howard Weil maintained NOV stock in a recent report from November 2 with “Sector Perform” rating. Finally, FBR Capital maintained the stock with “Outperform” rating in a report issued on a July 30.
Approximately 5.90M shares of stock traded hands or 22.15% up from the average. National-Oilwell Varco, Inc. (NYSE:NOV) has declined 34.33% since May 15, 2015 and is downtrending. It has underperformed by 30.52% the S&P500.
The overall sentiment of institutions has increased to 0.76 in Q2 2015. Its up 0.05, from 0.71 in 2015Q2. The ratio is positive, as 96 institutions have sold all the shares of National-Oilwell Varco, Inc. that they owned while 300 funds have taken shares off the table. 56 funds have purchased shares for the first time while 243 added to their positions. These institutions now hold 322.34 million shares or 6.75% less than the 345.66 million shares they owned in 2015Q2.
The Fund Mountain Lake Investment Management Llc currently is holding shares equating to 5.64% of its total portfolio in National-Oilwell Varco, Inc. representing a total of 186,000 shares. Another fund,Academy Capital Management Inc Tx, is holding a total of 575,999 shares equating to 4.29% of their holdings. Additionally, Vulcan Value Partners Llc has a 11.40 million share stake in National-Oilwell Varco, Inc. which represents 4.16% of their total portfolio. The Fund, Energy Opportunities Capital Management Llc, based out of Texas, has also built up a stake in the stock, which represents a total of 4.14% of their total portfolio. Finally Wedgewood Partners Inc, a fund which is based in the state of Missouri reported a total holdings of 7.08 million shares.
National Oilwell Varco, Inc. is engaged in providing design, manufacture and sale of equipment and components used in gas and oil drilling, completion and production operations. The company has a market cap of $12.84 billion. The Firm also provides oilfield services to the upstream gas and oil industry. It has 10.09 P/E ratio. The Firm operates through four divisions: Rig Systems, Rig Aftermarket, Wellbore Technologies, and Completion & Production Solutions.
According to Zacks Investment Research, “National-Oilwell is a worldwide leader in the design, manufacture and sale of machinery and equipment and in the distribution of maintenance, repair and operating products used in oil and gas drilling and production. The Company’s machinery and equipment include drawworks, mud pumps and power swivels, which are the major mechanical components of rigs used to drill oil and gas wells. Many of these components are designed specifically for applications in offshore, extended reach and deep land drilling.”