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National Oilwell Varco cut to Sell at Citi

Oct. 03, 2016 3:25 PM ETNOV Inc. (NOV) StockNOVBy: Carl Surran, SA News Editor3 Comments
  • National Oilwell Varco (NOV -1.5%) is downgraded to Sell from Neutral with a $30 price target, cut from $37, at Citigroup, which thinks expectations for the company likely will be revised meaningfully lower for Q4 and 2017.
  • “Some of NOV’s short cycle businesses are starting to turn the corner but the impact is limited by revenue mix while drill pipe destocking should continue for several quarters,” Citi's Scott Gruber says.
  • The firm also cites various offshore driller capex commentary which indicates the offshore rig aftermarket likely will continue to decline, offsetting the benefit from domestic land rig upgrades.

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