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What Are Wall Street’s Forecasts for NOV after 3Q16 Earnings?

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Wall Street’s forecasts for NOV

In this article, we’ll look at Wall Street analysts’ forecasts for National Oilwell Varco (NOV) shares following its 3Q16 earnings release.

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Consensus rating for National Oilwell Varco

Approximately 24% of analysts tracking National Oilwell Varco rated it a “buy” or some equivalent. Approximately 62% rated the company a “hold” or an equivalent. Only 14% of the analysts recommended a “sell.” National Oilwell Varco makes up 0.13% of the iShares Russell 1000 Value ETF (IWD).

In comparison, ~28% of analysts tracking Helmerich & Payne (HP) rated it a “buy” or some equivalent, and ~50% have rated it as a “hold.” Only 22% rated it a “sell.”

Analysts’ recommendations for NOV

When it comes to individual recommendations, Nomura gave National Oilwell Varco a target price of $29, following the 3Q16 earnings release. National Oilwell Varco currently trades near $36.6, implying -210% returns for the next 12 months. Cowen (COWN) gave NOV a one-year target price of $36, which implies -2% returns over the next one year.

Among the global investment banks, Credit Suisse (CS) gave National Oilwell Varco a one-year target price of $23, one of its lowest target prices. This target implies -37% returns at its current price.

Analysts’ target prices for NOV

Following the 3Q16 financial results, the highest target price for NOV is $39, and the lowest is $23. The median target price among sell-side analysts for NOV is $32.6. NOV is currently trading at ~$36.6, implying ~11% downside at its median price.

Learn more about the oil and gas industry on Market Realist’s Energy and Power page.

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