National Oilwell Varco (NOV) : Traders are bullish on National Oilwell Varco (NOV) as it has outperformed the S&P 500 by a wide margin of 10.4% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 5.74%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 5.71% in the last 1 week, and is up 10.82% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
National Oilwell Varco, Inc. is up 12.44% in the last 3-month period. Year-to-Date the stock performance stands at 8.45%. The stock has recorded a 20-day Moving Average of 7.76% and the 50-Day Moving Average is 6.69%.
National Oilwell Varco (NYSE:NOV): The stock opened at $35.59 on Friday but the bulls could not build on the opening and the stock topped out at $35.88 for the day. The stock traded down to $35.42 during the day, due to lack of any buying support eventually closed down at $35.74 with a loss of -0.97% for the day. The stock had closed at $36.09 on the previous day. The total traded volume was 2,817,650 shares.
Also, In the latest statement by the brokerage house, Johnson Rice upgrades its outlook on National Oilwell Varco (NYSE:NOV). The current rating of the shares is Accumulate, according to the research report released by the firm. Previously, the company had a rating of Hold. The rating by the firm was issued on July 29, 2016.
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.