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National-Oilwell Varco Started as a “Buy” at Jefferies (NOV)

Oil and gas equipment and services provider National-Oilwell Varco, Inc. ( NOV ) on Tuesday saw its coverage initiated with a "Buy" rating by analysts at Jefferies & Co.

The firm also set an $88 price target on NOV shares, which suggests a massive 34% upside to the stock's Monday closing price of $65.81.

A Jefferies analyst commented, "We are positive on NOV due to the company's market leading position providing equipment for offshore drilling rig equipment, FPSOs, and for new technology land rigs, coiled tubing units, and other land directed equipment."

National-Oilwell Varco shares were unchanged in premarket trading Tuesday.

The Bottom Line

Shares of National-Oilwell Varco ( NOV ) have a .73% dividend yield, based on last night's closing stock price of $65.81. The stock has technical support in the $60 price area. If the shares can firm up, we see overhead resistance around the $70-$73 price levels.

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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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