National Oilwell Varco Inc

The EIA expects less natural gas production at four key US shales by January 2017 compared to November 2016. It expects production to rise at three key US shales.

National Oilwell Varco’s (NOV) capital expenditure or capex fell ~32% in fiscal 2017—compared to its capex spend in fiscal 2016.

Baker Hughes, a GE Company (BHGE), is the largest company by market capitalization in our select set of major oilfield services and equipment companies.

Greenlight disclosed a new position in Lam Research Corporation, which accounts for 1.01% of the fund’s 1Q 2014 portfolio.

The short interest in Schlumberger (SLB), as a percentage of its float, is 1.5% as of August 7, 2017—compared to 1.6% as of June 30, 2017.

Short interest in Nabors Industries (NBR) as a percentage of its float was 11.4% as of June 19, 2017, compared to 10.1% as of March 31, 2017.

On March 31, 2017, Nabors Industries (NBR) stock was 20.0% lower than it was on December 30, 2016. In 1Q17, NBR’s adjusted earnings were negative.

Short interest in Schlumberger (SLB) as a percentage of its float is 1.2% as of July 6, 2017, compared to 1.2% as of March 31, 2017.

Weatherford International (WFT) stock fell 16.0% in the week ended November 17, 2017. The VanEck Vectors Oil Services ETF (OIH) generated a return of -6.0% during this period.

National Oilwell Varco’s TTM PE (price-to-earnings) multiple of ~15x is lower than its peer average in the group.

Since April 26 when National Oilwell Varco released its Q1 2018 financial results, NOV stock has risen 10%.

On February 24, ~14% of the analysts tracking National Oilwell Varco rated it as a “buy,” ~74% rated it as a “hold,” and 12% rated it as a “sell.”

Many oilfield equipment and services (or OFS) companies’ cash flows have taken a beating following the energy price weakness in the past two years.

Halliburton (HAL) is trading at a forward EV-to-EBITDA multiple of ~8.1x, which is lower than its five-year average multiple of 10.2x.

Halliburton (HAL) and National Oilwell Varco (NOV) recorded 16% revenue growth in 2018—compared to 2017.

Schlumberger’s (SLB) first-quarter financial results were released on April 20. Between April 20 and June 15, Schlumberger’s implied volatility fell from 24.1% to 22%.

On January 19, 2018, Schlumberger’s (SLB) 4Q17 financial results were released.

Flotek Industries’ (FTK) forward EV-to-EBITDA multiple is at the steepest discount to its current EV-to-EBITDA multiple on March 9, 2018.

On January 16, Weatherford International’s (WFT) implied volatility (or IV) was ~64%. Its 3Q17 earnings were announced on November 1, 2017. Since then, its implied volatility has increased from 54% to the current level.

Weatherford International’s (WFT) EV (enterprise value) when scaled by a trailing 12-month adjusted EBITDA is close to the peer average in our group.

National Oilwell’s valuation, expressed as the TTM PE (price-to-earnings) multiple, isn’t available due to its negative adjusted earnings.

Nabors Industries’ PE multiple was not meaningful in 2015 and 2016 as a result of negative adjusted earnings during this period.

Schlumberger’s (SLB) quarterly dividend per share remained unchanged from 2Q16 to 2Q17. In 2Q17, Schlumberger’s quarterly DPS is $0.50.

In 1Q17, Weatherford International’s net loss was $443 million.

Schlumberger’s EBITDA margin was impacted negatively as upstream companies slashed their budgets. From 1Q16 to 1Q17, Schlumberger’s EBITDA margin fell.

NOV stock will likely close between $35.11 and $32.49 in the next seven days. The stock was trading at $33.80 on May 11, 2017.

Revenues from Weatherford International’s (WFT) Europe/Sub Saharan Africa/Russia region fell the most with a 36.5% fall from 4Q15 to 4Q16.

National Oilwell Varco’s (NOV) management expects upstream activity in North America’s shale plays to improve in 2017.

In the past couple of years, some major US upstream and integrated companies have reduced their capital expenditures (capex) following crude oil’s sharp fall.

In the past couple of years, some of the major US upstream and integrated companies have reduced capital expenditure following crude oil prices’ sharp decline.

In the past couple of years, some of the major US upstream and integrated companies have reduced capital expenditure as a result of crude oil’s sharp decline.

In 4Q16, Baker Hughes’s (BHI) management expects a trade-off between strong North American upstream activity and a weaker international energy environment.

On August 18, National Oilwell Varco (NOV) approved to pay a quarterly dividend of $0.05 per share to shareholders on September 30.

National Oilwell Varco’s management outlook National Oilwell Varco’s (NOV) management expressed optimism over a potential rig count recovery in North America. NOV’s revenues and income could be affected positively if the US rig count increases, as it did during 3Q16. In the company’s 2Q16 conference call, NOV chairman and CEO Clay Williams stated that “we believe […]

On August 16, 2016, National Oilwell Varco (NOV) had an implied volatility of ~35%.

The correlation coefficient between National Oilwell Varco and crude oil’s price measures the statistical relationship between the two variables.

NOV’s enterprise value, when scaled by trailing-12-month adjusted EBITDA, is lower than the peer average.