Piper Sandler Cuts National-Oilwell Varco (NYSE:NOV) Price Target to $11.30

National-Oilwell Varco (NYSE:NOV) had its price target reduced by Piper Sandler from $11.40 to $11.30 in a research report report published on Wednesday, BenzingaRatingsTable reports. They currently have a neutral rating on the oil and gas exploration company’s stock. Piper Sandler also issued estimates for National-Oilwell Varco’s Q3 2020 earnings at ($0.10) EPS, Q4 2020 earnings at ($0.09) EPS, FY2020 earnings at ($0.22) EPS, Q1 2021 earnings at ($0.12) EPS, Q2 2021 earnings at ($0.11) EPS, Q3 2021 earnings at ($0.07) EPS, Q4 2021 earnings at ($0.01) EPS, FY2021 earnings at ($0.31) EPS, Q1 2022 earnings at $0.02 EPS, Q2 2022 earnings at $0.07 EPS and FY2022 earnings at $0.34 EPS.

A number of other analysts have also recently weighed in on NOV. Morgan Stanley raised their price objective on National-Oilwell Varco from $12.00 to $13.00 and gave the stock an equal weight rating in a research report on Thursday, July 9th. Cowen raised their price target on National-Oilwell Varco from $15.00 to $16.00 and gave the stock an outperform rating in a report on Wednesday. Stifel Nicolaus cut their price objective on shares of National-Oilwell Varco from $18.00 to $16.00 and set a buy rating on the stock in a report on Wednesday, April 29th. Capital One Financial upgraded shares of National-Oilwell Varco from an equal weight rating to an overweight rating in a research note on Tuesday, April 7th. Finally, Raymond James upped their price target on shares of National-Oilwell Varco from $11.00 to $14.00 and gave the company an outperform rating in a research note on Wednesday, April 29th. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $17.91.

NYSE:NOV opened at $11.51 on Wednesday. The company’s 50-day simple moving average is $11.99 and its 200-day simple moving average is $14.70. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.79 and a current ratio of 2.86. National-Oilwell Varco has a fifty-two week low of $8.00 and a fifty-two week high of $25.81.

National-Oilwell Varco (NYSE:NOV) last posted its earnings results on Monday, July 27th. The oil and gas exploration company reported $0.02 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.15. National-Oilwell Varco had a negative net margin of 35.56% and a negative return on equity of 2.32%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the prior year, the company posted $0.02 earnings per share. National-Oilwell Varco’s revenue for the quarter was down 29.8% compared to the same quarter last year. On average, sell-side analysts predict that National-Oilwell Varco will post -0.19 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. Point72 Hong Kong Ltd acquired a new position in National-Oilwell Varco in the fourth quarter valued at approximately $30,000. Pearl River Capital LLC acquired a new position in shares of National-Oilwell Varco in the 1st quarter valued at $44,000. Schroder Investment Management Group boosted its holdings in National-Oilwell Varco by 281.0% during the first quarter. Schroder Investment Management Group now owns 4,462 shares of the oil and gas exploration company’s stock worth $49,000 after buying an additional 3,291 shares in the last quarter. First Hawaiian Bank acquired a new stake in National-Oilwell Varco during the first quarter valued at $99,000. Finally, PFS Investments Inc. increased its holdings in National-Oilwell Varco by 19.8% in the first quarter. PFS Investments Inc. now owns 10,592 shares of the oil and gas exploration company’s stock valued at $104,000 after buying an additional 1,747 shares in the last quarter. Institutional investors own 95.83% of the company’s stock.

About National-Oilwell Varco

National Oilwell Varco, Inc designs, manufactures, and sells systems, components, and products for oil and gas drilling and production worldwide. It operates in three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. The Wellbore Technologies segment offers various equipment and technologies used to perform drilling operations.

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