Natl Oilwell Varco (NYSE:NOV) Receives Upgrade From Citigroup. Will Other Analysts Follow Suit?


Natl Oilwell Varco (NYSE:NOV) Stock Upgrade

The previous rating of a Sell for Natl Oilwell Varco (NYSE:NOV) has been discontinued as Citigroup lifted NOV’s current rating to a respectable Neutral.

From a total of 29 analysts covering National Oilwell Varco (NYSE:NOV) stock, 7 rate it a ”Buy”, 8 a “Sell”, and 20 a ”Hold”. This means that 20% 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 $39.03 with a 17.37% above today’s ($33.22) stock price. National Oilwell Varco was the topic of 24 analyst reports since July 31, 2015 according to the firm StockzIntelligence Inc. Guggenheim upgraded shares on November 30 to “Buy” rating. Citigroup maintained NOV stock in a recent report from October 5 with “Sell” rating. Finally, FBR Capital maintained the stock with “Outperform” rating in a report issued on a July 30.

Approximately 1.57 million shares of stock traded hands. National-Oilwell Varco, Inc. (NYSE:NOV) has declined 36.50% since May 8, 2015 and is downtrending. It has underperformed by 33.48% 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 improved, 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 $12.74 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.” Get a free copy of the Zacks research report on National-Oilwell Varco, Inc. (NOV).