National Oilwell (NOV) is expected to report Q3 earnings before the market open on Tuesday, October 25 with a conference call scheduled for 9:30 am ET.
Analysts are looking for EPS of $1.16 on revenue of $3.65B. The consensus range is 93c-$1.25 for EPS, and $3.16B-$3.85B for revenue, according to First Call. The company had reported better-than-expected earnings and revenue in Q2, marking the third consecutive time it beat anlyst revenue estimates. In the past quarter, National Oilwell signed supply contracts for seven drillships with a value of over $1.5B. It also received early termination of the HSR waiting period in connection to its assets acquisition of Ameron (AMN) shares.
The company was upgraded to Buy at Argus and initiated with a Buy at Sterne Agee. Wells Fargo reiterated its Outperform rating, saying National Oilwell should hold up well in recession and should be bought on weakness. The company, however, was downgraded in the past month to Accumulate at Global Hunter and to Hold at Standpoint Research.