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What Wall Street Forecasts for National Oilwell Varco

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Dec. 19 2017, Updated 7:31 a.m. ET

Wall Street’s forecast for National Oilwell Varco

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Analysts’ rating for National Oilwell Varco

Approximately 24% of the Wall Street analysts tracking National Oilwell Varco rated it a “buy” or some equivalent. Approximately 68% rated the company a “hold.” Only 9% of the sell-side analysts recommended a “sell” or an equivalent. National Oilwell Varco makes up 0.84% of the iShares US Energy ETF (IYE). IYE fell 11% in the past year compared to an 18% decline in NOV’s stock price during the same period.

By comparison, approximately 60% of the sell-side analysts tracking Key Energy Services (KEG) rated it a “buy” or some equivalent on December 12, 2017. Approximately 40% rated the company a “hold.”

Analysts’ rating changes for NOV

From September 12, 2017, to December 12, 2017, the percentage of analysts recommending a “buy” or some equivalent for NOV has remained unchanged at 24%. Analysts’ “hold” recommendations have increased for NOV during this period. A year ago, ~11% of the sell-side analysts recommended a “buy” for NOV.

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Analysts’ target prices for NOV

Wall Street analysts’ mean target price for NOV on December 12 was ~$34.2. NOV is currently trading at ~$33, implying ~3% upside at its current price. Analysts’ average target price for NOV was $34.1 a month ago.

Target prices for NOV’s peers

The mean target price surveyed among the sell-side analysts for ION Geophysical Corporation (IO) was $13 on December 12. IO is currently trading at ~$13.3, implying ~2% downside at its current price. The mean target price among the sell-side analysts for Basic Energy Services (BAS) was $24.8 on December 12. BAS is currently trading at ~$23.8, implying 4% upside at its current price. The energy sector makes up 5.8% of the S&P 500 Index (SPX-INDEX). The SPX-INDEX has risen 17% in the past one year.

Learn more about the OFS industry in Market Realist’s The Oilfield Equipment and Services Industry: A Primer.

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