March 20, 2013 at 10:50 AM EDT
Citigroup Lowers Estimates on National Oilwell Varco (NOV)

Citigroup reported on Wednesday that it has lowered its estimates on oil and gas drilling equipment company, National-Oilwell Varco, Inc. (NOV).

The firm has cut estimates through 2014 for NOV. Analysts see pressures with rig tech margins and also expect M&A to slow down. Citigroup currently has a $85 price target on the company, which suggests a 19.5% upside from the stock’s current price of $68.36

National-Oilwell Varco shares were mostly flat during Wednesday morning trading. The stock has declined -16% in the past year.

The Bottom Line
Shares of National-Oilwell Varco, Inc. (NOV) have a 0.76% yield, based on Wednesday morning’s price of $68.38.

National-Oilwell Varco, Inc. (NOV) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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