National Oilwell Varco Inc. [NYSE: NOV] price surged by 4.13 percent to reach at $0.54. The company report on December 22, 2020 that National Oilwell Varco Announces Plan to Adopt New Corporate Name ‘NOV Inc.’.
National Oilwell Varco, Inc. (the “Company”) (NYSE: NOV) announced plans to change its corporate name to “NOV Inc.”, effective January 1, 2021. The Company’s ticker symbol, “NOV”, will remain unchanged.
“Our Company has a long and proud legacy of innovation and technology dating back to the earliest days of the oilfield. We are committed to continuously improving the drilling and production operations of our customers,” stated Clay Williams, Chairman, President and CEO. “As the world looks to expand its energy portfolio to lower-carbon sources, we find our core engineering, manufacturing and project management expertise is providing new and exciting opportunities within this transition. The corporate name change reflects the Company’s broadening mission within energy to continue to drive economic efficiency and safety, as we have done for decades within traditional oil and gas.”.
A sum of 4506624 shares traded at recent session while its average daily volume was at 6.33M shares. National Oilwell Varco Inc. shares reached a high of $13.90 and dropped to a low of $13.17 until finishing in the latest session at $13.63.
The one-year NOV stock forecast points to a potential downside of -2.25. The average equity rating for NOV stock is currently 2.70, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on 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 $13.33 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 2.70. 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.
Morgan Stanley have made an estimate for National Oilwell Varco Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on November 10, 2020. While these analysts kept the previous recommendation, BMO Capital Markets raised their target price to Underperform. The new note on the price target was released on October 02, 2020, representing the official price target for National Oilwell Varco Inc. stock. Previously, the target price had yet another raise from $15 to $16, while Cowen kept a Outperform rating on NOV stock. On May 14, 2020, analysts decreased their price target for NOV shares from 14 to 8.
The Average True Range (ATR) for National Oilwell Varco Inc. is set at 0.69, with the Price to Sales ratio for NOV stock in the period of the last 12 months amounting to 0.76. The Price to Book ratio for the last quarter was 0.96. Price to Free Cash Flow for NOV in the course of the last twelve months was 5.75 with Quick ratio for the last quarter at 1.90.
NOV Stock Performance Analysis:
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 -2.22. With this latest performance, NOV shares gained by 2.64% in over the last four-week period, additionally plugging by 10.90% over the last 6 months – not to mention a drop of -45.35% 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 55.34, with the RSI for the last a single of trading hit 52.02, and the three-weeks RSI is set at 56.73 for National Oilwell Varco Inc. [NOV]. The present Moving Average for the last 50 days of trading for this stock 11.52, while it was recorded at 13.53 for the last single week of trading, and 11.58 for the last 200 days.
Insight into National Oilwell Varco Inc. 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.
NOV Stock EPS
With the latest financial reports released by the company, National Oilwell Varco Inc. posted 0.4/share EPS, while the average EPS was predicted by analysts to be reported at 0.16/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 150.00%. 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 18.40%.
National Oilwell Varco Inc. [NOV] Insider Position Details
There are presently around $4,833 million, or 97.90% of NOV stock, in the hands of institutional investors. The top three institutional holders of NOV stocks are: VANGUARD GROUP INC with ownership of 38,077,123, which is approximately -16.287% of the company’s market cap and around 0.45% of the total institutional ownership; PZENA INVESTMENT MANAGEMENT LLC, holding 37,946,645 shares of the stock with an approximate value of $496.72 million in NOV stocks shares; and FIRST EAGLE INVESTMENT MANAGEMENT, LLC, currently with $441.07 million in NOV stock with ownership of nearly 41.921% of the company’s market capitalization.
Positions in National Oilwell Varco Inc. stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 186 institutional holders increased their position in National Oilwell Varco Inc. [NYSE:NOV] by around 48,083,337 shares. Additionally, 212 investors decreased positions by around 49,554,843 shares, while 79 investors held positions by with 271,559,115 shares. The mentioned changes placed institutional holdings at 369,197,295 shares, according to the latest SEC report filing. NOV stock had 52 new institutional investments in for a total of 5,311,630 shares, while 56 institutional investors sold positions of 27,480,184 shares during the same period.