Jul. 28, 2014, 5:30 PM
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Jun. 25, 2014, 12:26 PM
- Schlumberger (SLB +4.7%) surges after providing long-term profit guidance at an investor presentation today, predicting EPS growth at a compound annual growth rate of 17%-20%; in an earlier note, RBC analyst Kurt Hallead wrote that the Street was expecting the company's EPS to grow at an annualized rate of 15%.
- SLB says it can achieve $9-$10 EPS through revenue growth, margin expansion and share repurchases; Hallead had predicted SLB's EPS would reach $8 in 2016.
- Expects spending on exploration would be subdued in 2015, but expects a renewed focus on exploration in 2016-17.
- Other oil services companies also are higher: HAL +2.1%, BHI +1.9%, WFT +1.1%, NOV +1%.
Jun. 2, 2014, 9:16 AM
Jun. 2, 2014, 8:33 AM
- National Oilwell Varco (NOV) -9.5% premarket after completing the spinoff to its stockholders of its distribution business as an independent public company, NOW Inc.
- Merrill Miller Jr. steps down as NOV's Executive Chairman to hold the same position with NOW; Clay Williams is NOV's Chairman.
- NOW common stock begins trading today on the NYSE under the ticker symbol DNOW.
May. 15, 2014, 11:43 AM
- National Oilwell Varco's (NOV -0.9%) massive dividend increase to $0.46/share - from $0.26 and $0.13 two years ago - is a very strong declaration of faith in its future, 24/7's Jon Ogg writes.
- Companies that make such large dividend hikes are signaling that they are comfortable with their distribution rates for years into the future through ups and downs of the cycle, Ogg says; after all, companies hate having to cut their dividends.
- The new $1.84/share annualized payout compares to EPS estimates of $6.12 in 2014 and $6.87 in 2015, meaning future dividend hikes also are likely.
May. 15, 2014, 10:33 AM| Comment!
Apr. 29, 2014, 10:36 AM
- National Oilwell Varco (NOV +1.3%) is downgraded to Neutral from Buy with an $80 price target, down from $90, at Global Hunter, as NOV's Q1 report indicates rig tech orders appear likely to fall off significantly in H2 2014, and the firm believes the drop will become more pronounced in 2015.
- The firm says the decline reflects the later stages of the rig order cycle that has already slowed significantly for floaters and is in the process of peaking for jackups.
- Edward Jones analysts say while the outlook is iffy for the rest of 2014, NOV remains a buy for patient investors.
Apr. 28, 2014, 1:50 PM
- National Oilwell Varco (NOV -7.2%) is suffering its worst day in more than two years after reporting that Q1 orders for new offshore rig equipment fell 23% Y/Y to $2.33B and forecasting a continued slowdown in orders.
- Backlog for new rig technology equipment, which hit a record during Q1 at $16.4B, should fall to $14B-$15B by year-end, CEO Clay Williams said on today's earnings call.
- "The newbuild rig market is starting to show signs of shakiness," says Iberia Capital analyst Trey Stolz.
- Other energy equipment providers also are lower: SLB -1.1%, BHI -1.2%, CAM -1.4%, FTI -1.2%, DRQ -1.2%, FET -1%.
Apr. 28, 2014, 7:01 AM| Comment!
Apr. 27, 2014, 5:30 PM
Mar. 13, 2014, 3:59 PM
- National Oilwell Varco (NOV -2.8%) is downgraded to Neutral from Buy at ISI Group, which says deepwater and ultra-deepwater rig demand are diminishing, and dayrates are weaker than the market appreciates.
- Other oil services names also are lower: SLB -0.9%, HAL -0.2%, BHI -0.2%, NE -3.8%, CAM -1.3%, WFT -1.8%, SPN -2%, FTI -1.3%, DRQ -2.9%, KEG -0.9%.
Feb. 27, 2014, 9:04 AM| Comment!
Feb. 27, 2014, 7:52 AM
- National Oilwell Varco (NOV) appoints Clay Williams as President and CEO, effective immediately.
- Williams has held various positions in the energy industry for more than 20 years, and has climbed the ladder at NOV since 1996; he has been NOV's President and COO since 2012.
- NOV had previously announced that Pete Miller would step down as Chairman/CEO with the completion of the spinoff of the distribution business and become Executive Chairman of the new publicly traded company.
Jan. 31, 2014, 8:29 AM
- National Oilwell Varco (NOV) +2.2% premarket after Q4 earnings fell 1.5% Y/Y as selling and administrative costs increased, but the results still surpassed market expectations.
- Q4 2013 results included a record $1.5B in cash flow from operations, 50% greater than the previous record set during Q3.
- Backlog for capital equipment orders in the rig technology segment hit a record at $16.24B, up 7% Q/Q and up 37% from the end of 2012; new orders during Q4 totaled $3.61B, reflecting continued strong demand for oilfield equipment.
- The petroleum services and supplies segment reported revenue growth of 9% to $1.93B.
Jan. 31, 2014, 7:01 AM| 2 Comments
Jan. 31, 2014, 12:05 AM
NOV vs. ETF Alternatives
National Oilwell Varco Inc is a provider in the design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations, and the provision of oilfield services to the upstream oil and gas industry.
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