National-Oilwell Varco, Inc. (NYSE:NOV) reported that its Q1 earnings dropped 17 percent, due in part to purchase charges, whereas the oil-field-services equipment supplier’s revenue dropped short of analyst anticipations.
Chairman and CEO Pete Miller stated that the North American market was softer than predicted; however, their strong backlog for drilling equipment, attached with the current investments that they have made in purchases, international extension and incremental capacity, enabled their firm to generate solid earnings in the Q1,.
Analysts polled by Thomson Reuters had most recently estimates earnings of $1.36 per share on revenue of $5.38B.
Gross margin dropped to 24.3 percent from 29.5 percent.
Moving readers toward the broader market, let’s consider percentage change in stocks prices of other stocks in the similar sector who contribute major role in the market that includes Weatherford International Ltd (NYSE:WFT) lost -1.80%, Halliburton Company (NYSE:HAL) edged down -0.44%, Schlumberger Limited. (NYSE:SLB) which also decreased -0.14% and Cameron International Corporation (NYSE:CAM) closed up +0.03%.
National-Oilwell Varco, Inc. (NYSE:NOV) stock’s trade at beginning with a price of $65.31 and throughout the trading session climbed at a high of $66.42 other than when day-trade ended the stock finally decreased -1.32% to $66.32.
The stock is going forward its 52 week low with 12.87% and lagging behind from its 52 week high price with -25.98%. NOV last month stock price volatility remained 2.32%.
NOV stock institutional ownership remained 87.67% while insider ownership included 0.18%. In its share capital NOV has 427.22 million outstanding shares among them 425.64 million shares have been floated in market exchange.
Company’s beta coefficient included 1.66. Beta factors measures the amount of market risk associated with market trade.
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