National-Oilwell Varco (NYSE:NOV) Given New $34.00 Price Target at Raymond James

National-Oilwell Varco (NYSE:NOV) had its price target raised by investment analysts at Raymond James from $32.00 to $34.00 in a research report issued on Wednesday, BenzingaRatingsTable reports. The brokerage presently has an “outperform” rating on the oil and gas exploration company’s stock. Raymond James’ price target suggests a potential upside of 56.68% from the stock’s current price.

NOV has been the subject of a number of other research reports. Susquehanna Bancshares set a $23.00 target price on National-Oilwell Varco and gave the stock a “hold” rating in a report on Friday, July 19th. Zacks Investment Research downgraded National-Oilwell Varco from a “hold” rating to a “strong sell” rating in a report on Monday, May 20th. TheStreet downgraded National-Oilwell Varco from a “c-” rating to a “d+” rating in a report on Friday, May 31st. Bank of America reaffirmed an “underperform” rating and set a $20.00 target price (down previously from $26.00) on shares of National-Oilwell Varco in a report on Tuesday, June 25th. Finally, Seaport Global Securities raised National-Oilwell Varco from a “sell” rating to a “neutral” rating in a report on Wednesday. Five research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $35.08.

Shares of National-Oilwell Varco stock traded down $0.74 on Wednesday, reaching $21.70. 2,137,032 shares of the stock were exchanged, compared to its average volume of 4,316,415. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.05 and a quick ratio of 1.81. National-Oilwell Varco has a twelve month low of $19.57 and a twelve month high of $47.67. The company has a market capitalization of $8.88 billion, a price-to-earnings ratio of -271.25 and a beta of 1.28. The company has a 50 day simple moving average of $21.54.

National-Oilwell Varco (NYSE:NOV) last released its earnings results on Monday, July 29th. The oil and gas exploration company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.03. National-Oilwell Varco had a negative return on equity of 43.42% and a negative net margin of 63.23%. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. On average, research analysts predict that National-Oilwell Varco will post -0.24 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Securian Asset Management Inc increased its position in shares of National-Oilwell Varco by 1.2% in the first quarter. Securian Asset Management Inc now owns 39,161 shares of the oil and gas exploration company’s stock valued at $1,043,000 after buying an additional 480 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its position in shares of National-Oilwell Varco by 0.9% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 58,266 shares of the oil and gas exploration company’s stock valued at $1,552,000 after buying an additional 520 shares in the last quarter. Parallel Advisors LLC increased its position in shares of National-Oilwell Varco by 33.6% in the first quarter. Parallel Advisors LLC now owns 2,334 shares of the oil and gas exploration company’s stock valued at $62,000 after buying an additional 587 shares in the last quarter. Mason Street Advisors LLC increased its position in shares of National-Oilwell Varco by 1.2% in the first quarter. Mason Street Advisors LLC now owns 54,702 shares of the oil and gas exploration company’s stock valued at $1,457,000 after buying an additional 653 shares in the last quarter. Finally, Moody National Bank Trust Division increased its position in shares of National-Oilwell Varco by 125.0% in the first quarter. Moody National Bank Trust Division now owns 1,233 shares of the oil and gas exploration company’s stock valued at $33,000 after buying an additional 685 shares in the last quarter. Institutional investors and hedge funds own 92.89% 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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