Earnings Preview: National Oilwell Varco

National Oilwell Varco (NOV) is expected to report Q3 earnings before market open Thursday (Oct. 23) with a conference call scheduled for 10:00 am ET.

Guidance

Analysts are expecting a profit of $1.30 on revenue of $3.61B. The consensus range for EPS is $1.23 to $1.36 with a revenue range of $3.49B to $3.72B, according to First Call.

Analyst Views

National Oilwell Varco is trading down over -21% today, to just over $24 a share, ahead of its earnings report. On October 13, Goldman Sachs downgraded the U.S. oil services sector to Neutral from Attractive, based on its lowered Q4 oil price forecast of $85/bbl from $120/bbl, and its lowered 2008-2012 WTI and natural gas price forecasts. Barron's noted that insiders have been buying National Oilwell Varco, as well as at other energy companies.

Comments

[einstein p fleet]

Goldman Sachs call is a joke.

NOV reported terrific earnings today, has a huge backlog of business which allows for future visibility, and has little to no competition. NOV trades at 6X 2008 earnings, 4X 2009.

My suggestion? Sell GS and buy NOV.

2008 Oct 23 11:40 AM

[woodsey]

I loaded up on NOV; too soon it looks like. But I believed in it and still do. By the way, how about Green span's testimony !!

2008 Oct 23 02:33 PM