National Oilwell Varco Inc. [NYSE: NOV] closed the trading session at $12.49 on 08/19/20. The day’s price range saw the stock hit a low of $12.41, while the highest price level was $12.835. The company report on August 19, 2020 that National Oilwell Varco Commences Tender Offer for Any and All 2.600% Senior Unsecured Notes Due 2022.
National Oilwell Varco, Inc. (the “Company” or “NOV”) (NYSE: NOV) announced today that it has commenced a cash tender offer for any and all of its outstanding $400,000,000 aggregate principal amount of 2.600% Senior Unsecured Notes due 2022 (CUSIP No. 637071 AJ0) (the “Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof (the “Offer to Purchase”), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the “Notice of Guaranteed Delivery”). The tender offer is referred to herein as the “Offer.” The Offer to Purchase and the Notice of Guaranteed Delivery are referred to herein collectively as the “Offer Documents.”.
The tender offer consideration for each $1,000 principal amount of the Notes purchased pursuant to the Offer will be $1,035 (the “Tender Offer Consideration”). Holders must validly tender (and not validly withdraw) or deliver a properly completed and duly executed Notice of Guaranteed Delivery for their Notes at or before the Expiration Time (as defined below) in order to be eligible to receive the Tender Offer Consideration. In addition, holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Payment Date (as defined in the Offer to Purchase) for the Notes. The Company expects the Payment Date to occur on August 26, 2020 and the Guaranteed Delivery Payment Date to occur on August 28, 2020.
The stocks have a year to date performance of -50.14 percent and weekly performance of -5.38 percent. The stock has been moved at -47.12 percent over the last six months. The stock has performed 1.79 percent around the most recent 30 days and changed -3.92 percent over the most recent 3-months.
If compared to the average trading volume of 5.29M shares, NOV reached to a volume of 3486482 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about National Oilwell Varco Inc. [NOV]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NOV shares is $13.38 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NOV stock is a recommendation set at 2.60. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Cowen have made an estimate for National Oilwell Varco Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on July 29, 2020. While these analysts kept the previous recommendation, Barclays raised their target price from $14 to $8. The new note on the price target was released on May 14, 2020, representing the official price target for National Oilwell Varco Inc. stock. Previously, the target price had yet another raise to $17, while Cowen analysts kept a Outperform rating on NOV stock.
The Average True Range (ATR) for National Oilwell Varco Inc. is set at 0.53, with the Price to Sales ratio for NOV stock in the period of the last 12 months amounting to 0.62. The Price to Book ratio for the last quarter was 0.88. Price to Free Cash Flow for NOV in the course of the last twelve months was 5.21 with Quick ratio for the last quarter at 1.90.
NOV stock trade performance evaluation
National Oilwell Varco Inc. [NOV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.38. With this latest performance, NOV shares gained by 1.79% in over the last four-week period, additionally sinking by -47.12% over the last 6 months – not to mention a drop of -33.85% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NOV stock in for the last two-week period is set at 52.98, with the RSI for the last a single of trading hit 51.22, and the three-weeks RSI is set at 51.60 for National Oilwell Varco Inc. [NOV]. The present Moving Average for the last 50 days of trading for this stock 12.13, while it was recorded at 12.79 for the last single week of trading, and 16.48 for the last 200 days.
National Oilwell Varco Inc. [NOV]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and National Oilwell Varco Inc. [NOV] shares currently have an operating margin of -5.25 and a Gross Margin at +10.12. National Oilwell Varco Inc.’s Net Margin is presently recorded at -71.89.
Return on Total Capital for NOV is now -3.27, given the latest momentum, and Return on Invested Capital for the company is -45.21. Return on Equity for this stock declined to -56.44, with Return on Assets sitting at -36.64. When it comes to the capital structure of this company, National Oilwell Varco Inc. [NOV] has a Total Debt to Total Equity ratio set at 35.70. Additionally, NOV Total Debt to Total Capital is recorded at 26.31, with Total Debt to Total Assets ending up at 20.62. Long-Term Debt to Equity for the company is recorded at 34.24, with the Long-Term Debt to Total Capital now at 25.23.
Reflecting on the efficiency of the workforce at the company, National Oilwell Varco Inc. [NOV] managed to generate an average of -$171,792 per employee. Receivables Turnover for the company is 3.28 with a Total Asset Turnover recorded at a value of 0.51.National Oilwell Varco Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.90 and a Current Ratio set at 2.90.
Earnings per share (EPS) analysis for National Oilwell Varco Inc. [NOV] stock
With the latest financial reports released by the company, National Oilwell Varco Inc. posted 0.04/share EPS, while the average EPS was predicted by analysts to be reported at 0.12/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -66.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NOV. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for National Oilwell Varco Inc. go to 41.00%.
National Oilwell Varco Inc. [NOV]: Insider Ownership positions
There are presently around $4,614 million, or 98.20% of NOV stock, in the hands of institutional investors. The top three institutional holders of NOV stocks are: VANGUARD GROUP INC with ownership of 45,485,414, which is approximately -0.336% of the company’s market cap and around 0.40% of the total institutional ownership; PZENA INVESTMENT MANAGEMENT LLC, holding 31,571,668 shares of the stock with an approximate value of $394.33 million in NOV stocks shares; and BLACKROCK INC., currently with $352.61 million in NOV stock with ownership of nearly 3.71% of the company’s market capitalization.
Positions in National Oilwell Varco Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 202 institutional holders increased their position in National Oilwell Varco Inc. [NYSE:NOV] by around 23,065,451 shares. Additionally, 241 investors decreased positions by around 29,880,355 shares, while 57 investors held positions by with 316,464,193 shares. The mentioned changes placed institutional holdings at 369,409,999 shares, according to the latest SEC report filing. NOV stock had 53 new institutional investments in for a total of 4,044,475 shares, while 71 institutional investors sold positions of 4,420,016 shares during the same period.