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Why National Oilwell Varco (NOV) Could Be Positioned for a Surge

National Oilwell Varco, Inc. NOV is a worldwide leader in the design, manufacture and sale of machinery and equipment and in the distribution of maintenance, repair and operating products used in oil and gas drilling and production that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on NOV's earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that National Oilwell Varco could be a solid choice for investors.

Current Quarter Estimates for NOV

In the past 30 days, five estimates have gone higher for National Oilwell Varco while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates narrowing from a loss of 23 cents a share 30 days ago, to a loss of 18 cents today, a move of 21.7%.

Current Year Estimates for NOV

Meanwhile, National Oilwell Varco's current year figures are also looking quite promising, with twelve estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, narrowing from a loss of 50 cents per share 30 days ago to a loss of 31 cents per share today, an increase of 38%.

National Oilwell Varco, Inc. Price and Consensus

National Oilwell Varco, Inc. Price and Consensus | National Oilwell Varco, Inc. Quote

Bottom Line

The stock has also started to move higher lately, adding 5.9% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

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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.


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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    Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. A wealth of resources for individual investors is available at www.zacks.com.

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