Morningstar

Morningstar, Inc.

Equity Bottom-Up

National Oilwell Varco posted very weak first-quarter results, as management had previously guided. Revenue fell 19% sequentially (although it remained up 8% year over year), driven chiefly by about 25% drops in both the Rig Technologies and Completion &amp; Production segments. Adjusted operating margin fell to negative 1.9% from 4.5% in the prior quarter, marking a two-year low. Although these are very weak results, they are mostly attributable to short-term factors, therefore our fair value…

We are slightly lowering our National Oilwell Varco fair value estimate to $34 per share from $36 due to a reduction in our near-term expectations for the company's profitability. Our no-moat rating remains in place
National Oilwell Varco finished 2018 strong, with revenue up 22% versus the year-ago quarter and adjusted operating margin reaching 4.5%. However, management has issued very negative guidance for early 2019. First-quarter revenue is expected to be down almost 20%, and operating…

United States

NOV Inc offers equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The Company serves customers worldwide.

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