National Oilwell Varco, Inc.NYSE
Mon, Oct. 3, 3:25 PM
- 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.
Wed, Sep. 28, 3:19 PM
- The energy sector (XLE +4%) bursts to the top of the leaderboard after OPEC announces a planned production cut to 32.5M bbl/day at the informal OPEC meeting in Algiers.
- Among individual energy stocks: XOM +3.8%, CVX +2.7%, RDS.A +2.8%, BP +3.4%, TOT +2.4%, PBR +4.5%, COP +6.4%, MRO +8%, MPC +1.4%, PSX +1.9%, VLO -0.1%, EOG +6.2%, PXD +6.4%, OXY +4.5%, DVN +7.9%, CLR +8.3%, APA +6.2%, NOV +8.1%, SLB +3.3%, BHI +3.6%, HAL +4.3%, KMI +3.4%, ENB +2.6%, EPD +1.9%, ETP +2.9%.
Mon, Aug. 29, 6:41 PM
- The U.S. government's top offshore drilling regulator is warning subsea oil drillers and equipment makers that bolt failures in the Gulf of Mexico could result in an oil spill on the scale of the Deepwater Horizon disaster.
- Regulators and makers of oil production equipment - including General Electric (NYSE:GE), Schlumberger (NYSE:SLB) and National Oilwell Varco (NYSE:NOV) - are trying to determine what is causing the problems, which have been found over the past four years on safety equipment in underwater oil production, including on blowout preventers, which are designed as a last defense against a major oil spill such as the 2010 Deepwater Horizon incident.
- The offshore drilling industry had discussed possibly replacing all the bolts in question in the Gulf over a period of years, but Brian Salerno, director of the Bureau of Safety and Environmental Enforcement, says the discussions have ended after a better understanding of the problem.
- GE issued a global recall after its bolts on a piece of undersea equipment in the Gulf of Mexico failed in 2012, an incident that was reported to the government, but government officials say many more were not, masking the extent of the problem.
Thu, Aug. 18, 6:38 AM
Wed, Aug. 10, 4:56 PM
- Options to acquire National Oilwell Varco (NYSE:NOV) shares over the next two weeks surged today on chatter that the biggest U.S. maker of oilfield equipment is on the hunt for deals.
- CEO Clay Williams has said the company plans to look for smaller acquisition targets while considering larger ones.
- "While investors are likely to retain appetite for larger, transformative deals, we expect M&A near-term will be confined to smaller bolt-ons within NOV’s ‘better owner’ framework," says J.P. Morgan's Sean Meakim.
Thu, Jul. 28, 3:59 PM
- National Oilwell Varco (NOV +2.4%) is higher after posting a narrower than expected Q2 loss and saying demand rose for some of its drilling products and services in North America in recent weeks.
- NOV predicts its land business will begin to recover entering 2017 but is "not ready to call a bottom yet," Chairman/CEO Clay Williams said during today's earnings conference call, sentiments that echo Baker Hughes, which said today that it did not expect a "meaningful" recovery in North America this year.
- CFO Jose Bayardo says NOV is in discussions with customers in North America, Middle East and other markets about equipment upgrades and new field opportunities.
- NOV cut ~6K workers in April, or ~10% of its workforce.
Thu, Jul. 28, 6:55 AM
Wed, Jul. 27, 5:30 PM
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Fri, Jul. 8, 11:46 AM
- GE (GE +1.1%), oil drillers and regulators are scrambling to determine why massive bolts used to connect subsea oil equipment keep failing, causing alarm over the safety of hundreds of wells in the Gulf of Mexico, Dow Jones reports.
- A U.S. investigation and two recent bolt failures have convinced regulators and industry officials that the problem goes beyond GE and its blowout preventers, according to the report; the Interior Department says flaws also have been found in bolts made by National Oilwell Varco (NOV +2.5%) and Schlumberger (SLB +1.3%), and in bolts used in other areas on subsea wells.
- GE says it is working with the Interior Department to address the problems and has supplied replacement parts to customers upon request.
- Companies already have begun the process of finding and replacing corroded bolts; Diamond Offshore (DO +1.9%), which has a fleet of 30 rigs, told investors in June that it had four unplanned “stack pulls” in Q2 with three of the repairs involving failed bolts, interruptions that likely will impact Q2 results.
Thu, Jul. 7, 7:56 AM
- National Oilwell Varco (NYSE:NOV) and GE Oil & Gas (NYSE:GE) announce plans to cooperate on providing integrated solutions for floating production storage and offloading vessels in an effort to drive down the cost of deepwater oilfield projects.
- NOV and GE say their combined efforts will provide industry-leading topside systems with repeatable deliveries, scale economies and standardized interfaces, which should reduce risk of construction delays and cost overruns for deepwater oil and gas customers.
- The companies expect to complete joint engineering efforts and begin offering topside package solutions to oil and gas industry by early 2017.
Wed, Jun. 1, 5:43 PM
- National Oilwell Varco (NYSE:NOV) agrees to acquire Trican Well Service's (OTCPK:TOLWF) completion tools business for C$53.5M in cash and stock.
- Trican says the sale, which includes its tools operations in Canada and the U.S. as well as in Russia and Norway, will strengthen its balance sheet and allow it to focus on its Canadian hydraulic fracturing business.
- NOV says the deal will expand the breadth of its completion and production related product offerings.
Thu, May 19, 8:16 AM
Tue, May 10, 1:50 PM
- Growth stocks have outperformed value stocks each year since 2007, but value investors are often rewarded after such periods. C.T. Fitzpatrick, the CIO of Vulcan Value Partners and the manager of Vulcan Value Partners Fund (MUTF:VVPLX), who has beaten the S&P 500 and its peers every year for the past five years gave his 4 value picks in an interview with Barron's.
- Oracle (NYSE:ORCL) is his top pick. Oracle and SAP (NYSE:SAP), both are leaders in the big enterprise market, but Oracle is in a better position with its applications plus database products along with being ahead in converting its customers to the cloud.
- National Oilwell Varco (NYSE:NOV) is a value pick since it generated tremendous free cash flow despite a poor quarter.
- Anthem (NYSE:ANTM) is a new addition since its business model is well-suited for the Affordable Care Act. Fitzpatrick believes that the company's stock price doesn't reflect the fundamentals.
- United Technologies (NYSE:UTX) gets interest as it has generated high free cash flow despite its bottom line being hurt by the strong dollar. Their accretion of cash is helping return on capital thereby making it a value pick.
- His top 10 holdings as of Dec. 31 are Oracle, Parker Hannifin (NYSE:PH), National Oilwell Varco, Franklin Resources (NYSE:BEN), Discovery Communication (NASDAQ:DISCK), Swiss RE AG, MasterCard (NYSE:MA), Cisco Systems (NASDAQ:CSCO), Anthem and Boeing (NYSE:BA).
Thu, Apr. 28, 6:36 PM
- National Oilwell Varco (NYSE:NOV) says it cut nearly 6,000 jobs during Q1 and plans to close 200 facilities, as the oil bust forces customers to cut exploration and production.
- NOV had slightly more than 50K employees at year-end 2015; based on that number, the company cut ~12% of its workforce in the quarter.
- NOV also said during today's earnings conference call that it received no new rig orders for the second straight quarter, and that it expects 30% declines in revenues and margins for FY 2016 due to declining production volumes (Q1 earnings report).
- The company's backlog for rig systems fell to $3.3B and total backlog fell to $4.3B, down 39% from $7B at year-end 2015; nevertheless, shares recovered from early losses to end 4.4% higher in today's trade.
- Now read National Oilwell Varco: Boom! No backlog
Thu, Apr. 28, 6:49 AM
- National Oilwell Varco (NYSE:NOV): Q1 EPS of -$0.06 beats by $0.03.
- Revenue of $2.19B (-54.6% Y/Y) misses by $50M.
Wed, Apr. 27, 5:30 PM
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