Standpoint Research Upgrades National-Oilwell Varco (NOV) to Buy
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Price: $18.95 +0.64%
Rating Summary:
25 Buy, 19 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
Rating Summary:
25 Buy, 19 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
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Standpoint Research upgraded National-Oilwell Varco (NYSE: NOV) from Hold to Buy with a price target of $80.00.
The firm comments, "This is a high beta name in a high beta industry and not recommended for those who are already overweight in the sector/industry and/or with a high beta portfolio. NOV share price moves over the long-run are very closely correlated to oil prices. On the five-year chart, NOV is + 45% versus the + 42% move in crude oil. NOV is actually one of the best performing names in its (equipment and services) industry well ahead of SLB, WFT and MDR (all down sharply during the last five years)...
NOV has dropped 25% in the last three months as it does tend to outperform crude when oil prices rise and underperform during oil price declines (as we are now seeing). I am not trying to pick a near-term bottom in oil prices with this recommendation and do not make short-term forecasts with regards to oil prices. We could go down to $60 or back to $120 (if the Iran situation heats up). I have no crystal ball, but do feel that oil prices will go higher by 2013-2014 – see my long-term forecast from October below."
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 $65.16 yesterday.
The firm comments, "This is a high beta name in a high beta industry and not recommended for those who are already overweight in the sector/industry and/or with a high beta portfolio. NOV share price moves over the long-run are very closely correlated to oil prices. On the five-year chart, NOV is + 45% versus the + 42% move in crude oil. NOV is actually one of the best performing names in its (equipment and services) industry well ahead of SLB, WFT and MDR (all down sharply during the last five years)...
NOV has dropped 25% in the last three months as it does tend to outperform crude when oil prices rise and underperform during oil price declines (as we are now seeing). I am not trying to pick a near-term bottom in oil prices with this recommendation and do not make short-term forecasts with regards to oil prices. We could go down to $60 or back to $120 (if the Iran situation heats up). I have no crystal ball, but do feel that oil prices will go higher by 2013-2014 – see my long-term forecast from October below."
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 $65.16 yesterday.
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