Energy
Analysts Keep Taming National Oilwell Varco Targets
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Will there ever be an end to the misery of the oilfield services companies? National Oilwell Varco Inc. (NYSE: NOV) reported fourth-quarter results on Wednesday morning and the stock dropped nearly 15%. Since late summer of 2014, its shares have dropped by two-thirds as the oilfield services companies take the brunt of the punishment for low crude prices.
The company cut its workforce by 20% in 2015, and the company’s CEO said restructuring would continue during the first six months of 2016. He did not say how many jobs would be cut.
As bad as that is for employees who lose their jobs, investors are more receptive to cost cutting, and here are some of the most recent analyst ratings on National Oilwell Varco to illustrate the point:
- Jefferies maintained a Hold rating but cut its price target from $34 to $27.
- Credit Suisse lowered its price target from $26 to $21.
- Barclays cut its price target from $44 to $33 but maintained an Overweight rating.
- Cowen lowered its price target from $36 to $25 and kept a Market Perform rating.
- Goldman Sachs cut its price target from $34 to $26 and kept a Neutral rating on the stock.
- JPMorgan cut its price target from $35 to $32 and kept its Neutral rating.
- RBC maintained a Sector Perform rating and adjusted its price target from $35 to $29.
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