Goldman Sachs Downgrades National-Oilwell Varco (NOV) to Neutral

March 17, 2014 7:05 AM EDT
Get Alerts NOV Hot Sheet
Price: $37.72 +1.02%

Rating Summary:
    14 Buy, 20 Hold, 6 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 15 | New: 31
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Goldman Sachs downgraded National-Oilwell Varco (NYSE: NOV) from Buy to Neutral with a price target of $85.00 (from $90.00).

Analyst Waqar Syed cited concerns of a slowdown in offshore rig newbuilding. He said, " As competition increases between new rigs entering the market and older rigs coming due for re-contracting, we see dayrates declining and hence lowering the incentive for companies to order new rigs at this point. NOV has a high degree of leverage to this newbuilding cycle, and we prefer to stay on the sidelines as inbound orders will likely slowdown in 2014, and book-to-bill falls below 1.0 in 2H 2014.

For an analyst ratings summary and ratings history on National-Oilwell Varco click here. For more ratings news on National-Oilwell Varco click here.

Shares of National-Oilwell Varco closed at $74.60 yesterday.

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