NOV Sees Higher Demand

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National Oilwell Varco
NOV
reported better than estimated EPS in its 2Q, showing $0.97 over Dahlman's $0.95. Net new orders were up to $660M while backlog revenue decreased to $1.25B, mostly from offshore projects. National Oilwell Varco has increased inquiries for upgrades and replacement of existing equipment due to pending legislation over blowout prevention requirements, allowing for a potential backlog that could net between hundreds of millions to billions of dollars in the coming quarters, according to Dahlman. Demand is high, and the price target is at $75 while Dahlman reiterates its "buy" rating. National Oilwell Varco closed yesterday at $38.88.
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Posted In: Analyst ColorLong IdeasNewsGlobalMarketsAnalyst RatingsDahlman RoseNational Oilwell Varco
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