National Oilwell Varco, Inc.NYSE
Thu, Dec. 1, 8:26 AM
- Yesterday's 8.13% advance brought the stock to $37.36, well north of Seaport Global's $34 price target. Seaport downgrades to Sell.
- NOV +1.8% in very thin premarket action.
- Shares are up 11.6% YTD.
- Previously: Helmerich & Payne downgraded after yesterday's melt-up (Dec. 1)
Thu, Nov. 17, 6:45 AM
Mon, Nov. 14, 6:56 PM
- National Oilwell Varco (NYSE:NOV) disclosed late last week that it agreed to pay $25M to settle with the Justice Department and other U.S. authorities over allegations of sanctions violations that date back to 2002; the U.S. Treasury Department’s Office of Foreign Assets Control today released related documents.
- NOV allegedly approved at least four commission payments by a subsidiary to a U.K.-based entity related to the sale and export of the unit’s goods to Iran, and ignored several warning signs over a three-year period that approving the payments was prohibited.
Thu, Oct. 27, 2:03 PM
Thu, Oct. 27, 12:58 PM
- National Oilwell Varco (NOV -7.2%) plunges after posting a larger than expected Q3 loss, as revenues keep shrinking in the international, offshore and capital equipment markets.
- NOV reports Q3 revenue of $1.65B, down 5% Q/Q and 50% Y/Y, after it had expected revenue to bounce 10% off the bottom due to "large projects booked earlier in the year and see continued improvement in our production-related businesses."
- Q3 revenue in NOV's rig systems segment totaled $470M, down 17% Q/Q and 69% Y/Y, with new orders of $185M compared to $363M shipped out of backlog, resulting in a $2.76B total backlog; revenue in the rig aftermarket segment fell 12% Q/Q and 44% Y/Y.
- In its earnings conference call, NOV estimated that it captured $240M-$250M of its forecast $400M in annualized cost savings during Q3; the company also said it expects Q4 rig revenues to decline in the mid single-digit percentage range, with rig margins falling a few hundred bps.
Wed, Oct. 26, 10:34 PM
Wed, Oct. 26, 5:30 PM
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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.