National Oilwell Varco (NOV): Price Target and June Short Interest Disclosure

National Oilwell Varco (NOV) : The highest level National Oilwell Varco (NOV) is projected to reach is $45 for the short term and the lowest estimate is at $22. The consolidated price target from 18 rating analysts who initiate coverage on the stock is $33.17 and the possibility the share price can swing is $7.25.

National Oilwell Varco (NOV) has seen a rise of 2,039,748 shares or 5% in the short interest. The remaining shorts are 11.4% of the total floated shares. The net short interest, as on June 30,2016, stood at 42,792,129 shares and the stocks days to cover will be 8 by factoring in the average per day volume of 5,104,087 shares. On June 15,2016, 40,752,381 shares were shorted. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 12th.

Also, Equity Analysts at the Bank of America reinstates the rating on National Oilwell Varco (NYSE:NOV). The brokerage firm has issued a Underperform rating on the shares. The rating by the firm was issued on June 13, 2016.


National Oilwell Varco (NYSE:NOV): stock turned positive on Thursday. Though the stock opened at $33.83, the bulls momentum made the stock top out at $34.07 level for the day. The stock recorded a low of $33.61 and closed the trading day at $33.74, in the green by 1.08%. The total traded volume for the day was 2,152,703. The stock had closed at $33.38 in the previous days trading.

National Oilwell Varco, Inc. (NOV) is engaged in providing design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations. The Company also provides oilfield services to the upstream oil and gas industry. The Company operates through four segments: Rig Systems, Rig Aftermarket, Wellbore Technologies, and Completion & Production Solutions. Its Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore. Its Rig Aftermarket segment provides aftermarket products and services to support land and offshore rigs, and drilling rig components manufactured by the Companys Rig Systems segment. Its Wellbore Technologies segment sells and rents solids control equipment; and provides solids control, waste management and drilling fluids services. Its Completion & Production Solutions segment provides technologies for well completions and oil and gas production.

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