Canaccord Genuity rRiterates a 'Buy' on National-Oilwell Varco (NOV); Solid Q3 Results; Tweaking Estimates Higher
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Price: $21.14 +2.42%
Rating Summary:
20 Buy, 23 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
20 Buy, 23 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity reiterates a 'Buy' on National-Oilwell Varco (NYSE: NOV) price target of $100.00.
Canaccord analyst, John Tasdemir, said, "NOV reported normalized Q3/11 EPS of $1.26 compared to consensus of $1.16 and our $1.12 estimate. The beat was driven by higher-than-expected operating profit across all three operating segments. Operating profit margin came in at 20.8%, up 500 bps sequentially, with the main surprise coming from Rig Tech profitability being ahead of expectations. The company is continuing to benefit from strong demand for floater/jack-up re-fleeting as well as seeing a record quarter for well intervention and stimulation equipment orders. Net additions to backlog were $3.94B, resulting in an ending backlog of $10.3B (first time over $10B since Q4/08-Q1/09 timeframe). We are tweaking our Q4/11E and 2012E EPS by 12c and by 3c to $1.30 and $5.85, respectively. We are also introducing our 2013 estimate at $6.70."
For more ratings news on National-Oilwell Varco click here and for the rating history of National-Oilwell Varco click here.
Shares of National-Oilwell Varco closed at $67.99 yesterday.
Canaccord analyst, John Tasdemir, said, "NOV reported normalized Q3/11 EPS of $1.26 compared to consensus of $1.16 and our $1.12 estimate. The beat was driven by higher-than-expected operating profit across all three operating segments. Operating profit margin came in at 20.8%, up 500 bps sequentially, with the main surprise coming from Rig Tech profitability being ahead of expectations. The company is continuing to benefit from strong demand for floater/jack-up re-fleeting as well as seeing a record quarter for well intervention and stimulation equipment orders. Net additions to backlog were $3.94B, resulting in an ending backlog of $10.3B (first time over $10B since Q4/08-Q1/09 timeframe). We are tweaking our Q4/11E and 2012E EPS by 12c and by 3c to $1.30 and $5.85, respectively. We are also introducing our 2013 estimate at $6.70."
For more ratings news on National-Oilwell Varco click here and for the rating history of National-Oilwell Varco click here.
Shares of National-Oilwell Varco closed at $67.99 yesterday.
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