Standpoint Research Downgrades National-Oilwell Varco (NOV) to Hold

Standpoint Research downgraded National-Oilwell Varco (NYSE: NOV) from Buy to Hold.

Analyst Ronnie Moas comments, "We can no longer leave our highest rating attached to NOV. The shares are up 8% today, and $13 (22%) in the last month. NOV shares are +14% and +1200 bps versus the S&P since our May 16, 2012 recommendation. The XLE was up just 7% during that time. NOV has in effect been replaced on our list of open recommendations with Hess ($46.98) HES @ $43.40 on Monday and Halliburton ($32.16) HAL @ $31.51 on Tuesday. NOV shares have outperformed HAL by more than 3000 bps in the last year and the risk reward is more attractive in HAL at this time so we would recommend the swap. NOV is a very high beta name and we want to drop a name like this and lock in the gain with the Dow Jones up by more than 200 points today … a move that I am not sure is justified."

For an analyst ratings summary and ratings history on National-Oilwell Varco click here. For more ratings news on National-Oilwell Varco click here.

Shares of National-Oilwell Varco closed at $67.33 yesterday.

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