Analysts Expect National Oilwell Varco, Inc. (NOV) Will Announce Quarterly Sales of $1.86 Billion

Wall Street analysts expect that National Oilwell Varco, Inc. (NYSE:NOV) will post sales of $1.86 billion for the current quarter, Zacks Investment Research reports. Nine analysts have made estimates for National Oilwell Varco’s earnings, with estimates ranging from $1.83 billion to $1.90 billion. National Oilwell Varco posted sales of $1.65 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 12.7%. The business is expected to announce its next earnings results after the market closes on Thursday, October 26th.

According to Zacks, analysts expect that National Oilwell Varco will report full year sales of $1.86 billion for the current financial year, with estimates ranging from $7.18 billion to $7.50 billion. For the next financial year, analysts forecast that the company will post sales of $8.30 billion per share, with estimates ranging from $7.59 billion to $9.89 billion. Zacks’ sales averages are an average based on a survey of research firms that follow National Oilwell Varco.

National Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.14). The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.78 billion. National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.30) earnings per share.

Several equities analysts have commented on the stock. ValuEngine lowered shares of National Oilwell Varco from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Royal Bank Of Canada reissued a “hold” rating and issued a $37.00 target price on shares of National Oilwell Varco in a report on Sunday. Piper Jaffray Companies raised shares of National Oilwell Varco from a “neutral” rating to an “overweight” rating and raised their target price for the company from $36.00 to $37.00 in a report on Tuesday, June 20th. Seaport Global Securities reissued a “sell” rating on shares of National Oilwell Varco in a report on Friday, July 28th. Finally, Zacks Investment Research lowered shares of National Oilwell Varco from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Four research analysts have rated the stock with a sell rating, seventeen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. National Oilwell Varco currently has a consensus rating of “Hold” and an average target price of $38.57.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by Transcript Daily and is the property of of Transcript Daily. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The correct version of this piece of content can be read at https://transcriptdaily.com/2017/10/08/analysts-expect-national-oilwell-varco-inc-nov-will-announce-quarterly-sales-of-1-86-billion.html.

Shares of National Oilwell Varco (NYSE NOV) opened at 35.03 on Friday. National Oilwell Varco has a 52 week low of $29.90 and a 52 week high of $43.63. The company’s market capitalization is $13.31 billion. The firm’s 50-day moving average is $33.19 and its 200 day moving average is $34.01.

The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were given a $0.05 dividend. The ex-dividend date was Thursday, September 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.57%. National Oilwell Varco’s dividend payout ratio (DPR) is currently -3.31%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank lifted its position in shares of National Oilwell Varco by 6.1% in the 1st quarter. Amalgamated Bank now owns 26,521 shares of the oil and gas exploration company’s stock worth $1,063,000 after purchasing an additional 1,525 shares during the period. Comerica Bank lifted its position in shares of National Oilwell Varco by 1.0% in the 2nd quarter. Comerica Bank now owns 121,682 shares of the oil and gas exploration company’s stock worth $4,037,000 after purchasing an additional 1,187 shares during the period. Andra AP fonden lifted its position in shares of National Oilwell Varco by 32.7% in the 2nd quarter. Andra AP fonden now owns 58,500 shares of the oil and gas exploration company’s stock worth $1,927,000 after purchasing an additional 14,400 shares during the period. Nomura Asset Management Co. Ltd. lifted its position in shares of National Oilwell Varco by 13.1% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 234,915 shares of the oil and gas exploration company’s stock worth $9,416,000 after purchasing an additional 27,197 shares during the period. Finally, HAP Trading LLC lifted its position in shares of National Oilwell Varco by 281.5% in the 2nd quarter. HAP Trading LLC now owns 21,957 shares of the oil and gas exploration company’s stock worth $723,000 after purchasing an additional 34,057 shares during the period. Hedge funds and other institutional investors own 90.29% of the company’s stock.

About National Oilwell Varco

National Oilwell Varco, Inc is an oilfield equipment manufacturer and technology provider. The Company operates through four segments: Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. The Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore.

Get a free copy of the Zacks research report on National Oilwell Varco (NOV)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for National Oilwell Varco (NYSE:NOV)

Receive News & Ratings for National Oilwell Varco Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for National Oilwell Varco Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply