Jan. 30, 2014, 5:30 PM
Jan. 8, 2014, 3:48 PM
- National Oilwell Varco (NOV -2.1%) is downgraded to Sector Perform from Outperform with an $86 price target at RBC, which believes shares are range-bound in the near term due to offshore drilling headwinds that will limit inbound rig tech orders.
- The firm continues to view NOV as a high-quality name and would become more positive on a price pullback into the low 70s.
- Baker Hughes (BHI -1.2%) also is cut to Sector Perform, with a $60 target, as the firm sees NAM margins progressing at a more modest pace than originally anticipated, averaging 11.9% in 2014 vs. 13.1% previously.
Jan. 4, 2014, 4:22 PM
- Shares of National Oilwell Varco (NOV) may be trailing the performance of the broad market over the past two years, but its "growth prospects remain plenty bright [thanks to] ramping orders for aftermarket parts and replacement orders for aging drill fleets," Jack Hough writes.
- There are a number of catalysts for the Houston-based company going forward, including a spinoff of the distribution business, a move Hough says could "unlock a higher valuation and potential for fast dividend growth."
- Falling operating margins should begin to rise this year and next, while FPSO sales and the parts business "could help offset any cooling in demand for offshore drilling rigs."
- Ultimately, the shares look cheap at 12.7X 2014 estimates, Barron's says.
Dec. 17, 2013, 5:44 PM
- Barclays expects the oil services group (OIH) to significantly outperform the broader equity market over the next several years, and raises its price targets for several sector leaders (Briefing.com).
- The industry remains in the early days of a prolonged global upcycle, the firm says, and consequently market fundamentals should favor oil services, equipment and drilling companies.
- SLB target to $138 from $124; SPN to $42 from $39; OII to $103 from $96; NOV to $102 from $93; HAL to $86 from $76; GLF to $63 from $58; DRQ to $77 from $64; CAM to $82 from $77; CJES to $34 from $30; BHI to $81 from $71.
Nov. 14, 2013, 4:47 PM| Comment!
Nov. 14, 2013, 7:45 AM
- National Oilwell Varco (NOV) says Chairman/CEO Pete Miller will step down upon completion of the plan to spin off its equipment distribution business as an independent, publicly traded company.
- President/COO Clay Williams is appointed to succeed Miller, who had been Chairman/CEO since 2001 and will become executive chairman of the new distribution company.
Oct. 25, 2013, 8:19 AM
- National Oilwell Varco (NOV) +2.1% premarket after reporting a 3.9% rise in Q3 earnings, boosted by revenue gains in all three of its business segments: rig technology, petroleum services and supplies, distribution and transmission.
- Q3 profit of $636M, or $1.49/share, was aided by the settlement of an outstanding legal claim; without it, NOV would have booked a net profit of $573M, or $1.34/share.
- Revenue rose 6.9% Y/Y to $5.69B, but gross margin shrank to 23.8% from 26.5%.
- Backlog at NOV's rig technology segment hit a record $15.15B, up 9% Y/Y and 30% Q/Q; new orders in the segment totaled $3.31B.
Oct. 25, 2013, 7:02 AM
Oct. 25, 2013, 12:05 AM
Oct. 24, 2013, 5:30 PM
Sep. 24, 2013, 7:38 AM
- National Oilwell Varco (NOV) +3.2% premarket after announcing plans to spin off its oilfield production equipment distribution business into a new publicly traded company.
- The distribution group would have more than 415 locations and operations in 26 countries, representing ~85% of the revenue of NOVs distribution and transmission segment for the six months ending June 30.
Sep. 10, 2013, 11:59 AM
- National Oilwell Varco (NOV +0.2%) is upgraded to Outperform from Neutral with a $90 price target, up from $82, at Credit Suisse, citing increased confidence in the company's 2013 orders and rig technology margins.
- The firm's raised target price is based on 8x its new 2014 EBITDA estimate of $5.015B, up from $4.9B prior; the firm raises its 2013-14 EPS estimates to $5.54 and $6.50, respectively, from $5.42 and $6.33 (4% above 2014 consensus).
Sep. 4, 2013, 6:57 PM
- There's been no change in the list of top 10 holdings of Morningstar's Ultimate Stock Pickers so far this year, but one wonders about the fate of Microsoft (MSFT) after its much criticized purchase of Nokia's main handset business; it had been the top high-conviction holding in the group.
- The top 10 holdings: MSFT, GOOG, WFC, JNJ, BRK.B, AIG, PG, WMT, PEP, UPS.
- Among purchases during the most recent period, National Oilwell Varco (NOV) topped the top 10 list of high-conviction buys, followed by WFC, GM, SLB, INTC, AAPL, XOM, APA, CHRW, EMC.
Aug. 19, 2013, 12:25 PM
- BofA Merrill Lynch offers its list of top stocks to buy that will benefit from the fracking revolution, led by Chesapeake Energy (CHK); BAML has a $36 price target on CHK, the highest on Wall Street, vs. the consensus target of $24.
- The picks among oil and gas producers: COG, CLR, EOG, PXD, RRC.
- Oil services and equipment: BHI, EMES, FET, NOV.
Aug. 16, 2013, 10:56 AM
- The opportunity from Mexico's energy reforms could rival the Middle East and drive ~$2.5B of incremental annual revenues opportunity and bode well for top oil service stocks (OIH) that can do business in the Mexican market, BAML believes.
- Mexico will be able to add 50 onshore rigs and 20 floaters within two years, the firm says, and the large oil services companies could generate an average ~$40M in revenue per rig in Mexico and other parts of Latin America.
- Time to buy: BHI, CAM, ESV, NOV, NE, SLB, WFT.
Aug. 15, 2013, 9:26 AM| Comment!
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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