National-Oilwell Varco (NYSE:NOV) PT Raised to $24.00 at Wells Fargo & Co

National-Oilwell Varco (NYSE:NOV) had its target price hoisted by Wells Fargo & Co from $22.00 to $24.00 in a report issued on Thursday, BenzingaRatingsTable reports. Wells Fargo & Co currently has a market perform rating on the oil and gas exploration company’s stock.

NOV has been the topic of a number of other research reports. Citigroup upgraded shares of National-Oilwell Varco from a neutral rating to a buy rating and lifted their price objective for the company from $23.00 to $28.00 in a research note on Wednesday, July 31st. Seaport Global Securities upgraded shares of National-Oilwell Varco from a sell rating to a neutral rating in a research note on Wednesday, July 31st. Piper Jaffray Companies set a $25.00 price objective on shares of National-Oilwell Varco and gave the company a buy rating in a research note on Monday, July 1st. Bank of America reiterated an underperform rating and set a $20.00 price objective (down previously from $26.00) on shares of National-Oilwell Varco in a research note on Tuesday, June 25th. Finally, UBS Group set a $25.00 price objective on shares of National-Oilwell Varco and gave the company a hold rating in a research note on Wednesday, July 31st. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $31.61.

NOV opened at $22.81 on Thursday. The firm has a market capitalization of $8.91 billion, a P/E ratio of -285.13, a P/E/G ratio of 60.26 and a beta of 1.31. The firm’s 50 day moving average is $20.71 and its 200-day moving average is $23.53. National-Oilwell Varco has a 52-week low of $18.05 and a 52-week high of $46.64. The company has a quick ratio of 1.76, a current ratio of 3.05 and a debt-to-equity ratio of 0.29.

National-Oilwell Varco (NYSE:NOV) last posted its quarterly earnings data on Monday, July 29th. The oil and gas exploration company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. National-Oilwell Varco had a negative net margin of 63.23% and a negative return on equity of 0.64%. Equities analysts expect that National-Oilwell Varco will post 0.03 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Thursday, September 12th. National-Oilwell Varco’s dividend payout ratio is presently -250.00%.

In other National-Oilwell Varco news, insider Joseph W. Rovig sold 22,640 shares of National-Oilwell Varco stock in a transaction on Friday, August 16th. The shares were sold at an average price of $18.37, for a total value of $415,896.80. Following the completion of the transaction, the insider now owns 73,867 shares of the company’s stock, valued at $1,356,936.79. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eric L. Mattson sold 4,750 shares of National-Oilwell Varco stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $21.02, for a total transaction of $99,845.00. Following the completion of the transaction, the director now directly owns 64,503 shares of the company’s stock, valued at approximately $1,355,853.06. The disclosure for this sale can be found here. Insiders own 0.92% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of National-Oilwell Varco by 1.1% during the second quarter. Vanguard Group Inc. now owns 42,639,578 shares of the oil and gas exploration company’s stock valued at $947,879,000 after acquiring an additional 446,467 shares during the period. BlackRock Inc. raised its stake in shares of National-Oilwell Varco by 1.9% during the second quarter. BlackRock Inc. now owns 26,346,681 shares of the oil and gas exploration company’s stock valued at $585,686,000 after purchasing an additional 488,523 shares in the last quarter. Pzena Investment Management LLC raised its stake in shares of National-Oilwell Varco by 45.9% during the second quarter. Pzena Investment Management LLC now owns 24,225,557 shares of the oil and gas exploration company’s stock valued at $538,534,000 after purchasing an additional 7,616,881 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of National-Oilwell Varco by 9.3% during the first quarter. Clearbridge Investments LLC now owns 11,227,988 shares of the oil and gas exploration company’s stock valued at $299,114,000 after purchasing an additional 958,131 shares in the last quarter. Finally, Ruffer LLP raised its stake in shares of National-Oilwell Varco by 7.1% during the second quarter. Ruffer LLP now owns 7,521,206 shares of the oil and gas exploration company’s stock valued at $167,158,000 after purchasing an additional 501,659 shares in the last quarter. 94.26% of the stock is owned by institutional investors.

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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Analyst Recommendations for National-Oilwell Varco (NYSE:NOV)

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