Global Hunter Securities Upgrades National-Oilwell Varco (NOV) to Buy; If You Ain't First, You're Last
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Price: $21.29 --0%
Rating Summary:
20 Buy, 23 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 6 | New: 33
Rating Summary:
20 Buy, 23 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 6 | New: 33
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Global Hunter Securities upgraded National-Oilwell Varco (NYSE: NOV) from Accumulate to Buy, price target raised from $78 to $90.
Analyst, Brian Uhlmer, said, "NOV reported solid top-line numbers and margins within range of our expectations. Orders were 15% below our expectation and had us concerned heading into the conference call. However, NOV only booked three floaters in the quarter vs. our estimate of six, meaning that its everyday business is substantially better than we had expected. As we believe the offshore newbuild cycle will continue, FPSO awards will begin to come in force in 2013, entrance into the frac pump business provides another recurring revenue stream and NOV will continue to deploy its cash for accretive transactions, we are upgrading to Buy and increasing our price target to $90. At current price levels NOV is one of our favorite manufacturing plays."
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 $77.08 yesterday.
Analyst, Brian Uhlmer, said, "NOV reported solid top-line numbers and margins within range of our expectations. Orders were 15% below our expectation and had us concerned heading into the conference call. However, NOV only booked three floaters in the quarter vs. our estimate of six, meaning that its everyday business is substantially better than we had expected. As we believe the offshore newbuild cycle will continue, FPSO awards will begin to come in force in 2013, entrance into the frac pump business provides another recurring revenue stream and NOV will continue to deploy its cash for accretive transactions, we are upgrading to Buy and increasing our price target to $90. At current price levels NOV is one of our favorite manufacturing plays."
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 $77.08 yesterday.
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