We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
National Oilwell (NOV) Reconstitutes Reporting Segments
Read MoreHide Full Article
National Oilwell Varco, Inc. (NOV - Free Report) recently restructured its business segments by combining two of its offshore-levered segments into a single unit. The company combined Rig Systems and Rig Aftermarkets into a single unit named Rig Technologies during fourth-quarter 2017. The strategic move is likely to enable National Oilwell to reduce the administration burden and better align the company with the evolving market conditions.
While Rig Systems was engaged in the design and manufacturing of integrated drilling systems and components for land and offshore drilling rigs, Rig Aftermarket was involved in the delivery of consumables, spares and other necessary services to maintain the usefulness of the assets. Notably, both these segments witnessed weaker year-over-year income in the last quarter amid lower activities and order cancellations.
The company which is expected to release fourth-quarter 2017 numbers on Feb 5, forecasts its offshore dependent unit Rig Technologies to deliver better-than-expected results in the quarter. However, management remains concerned about its Completion and Production Solutions arm whose results are expected to be below the prior guidance.
Deferred deliveries of a new product in its Subsea Flexible Pipe business along with engineering challenges and scarcity of orders in its Process and Flow Technologies unit is likely to hurt the results of the segment. Meanwhile, National Oilwell expects results from its onshore focused Wellbore Technologies to be in line with expectations.
Further, the company also anticipates to incur $120-$140 million pre-tax restructuring charges. This would include expenses for facility closures, severance and inventory write-downs, as well as other charges in the quarter under review.
Investors interested in the energy space may consider a few better-ranked energy players like ConocoPhillips (COP - Free Report) , Royal Dutch Shell plc and Statoil ASA . All three companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ConocoPhillips delivered an average positive earnings surprise of 152.34% in the trailing four quarters.
Shell is expected to witness year-over-year increase of 15.19% in its earnings in 2018.
Statoil is expected to witness year-over-year increase of 11.81% in its earnings in 2018.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
National Oilwell (NOV) Reconstitutes Reporting Segments
National Oilwell Varco, Inc. (NOV - Free Report) recently restructured its business segments by combining two of its offshore-levered segments into a single unit. The company combined Rig Systems and Rig Aftermarkets into a single unit named Rig Technologies during fourth-quarter 2017. The strategic move is likely to enable National Oilwell to reduce the administration burden and better align the company with the evolving market conditions.
While Rig Systems was engaged in the design and manufacturing of integrated drilling systems and components for land and offshore drilling rigs, Rig Aftermarket was involved in the delivery of consumables, spares and other necessary services to maintain the usefulness of the assets. Notably, both these segments witnessed weaker year-over-year income in the last quarter amid lower activities and order cancellations.
The company which is expected to release fourth-quarter 2017 numbers on Feb 5, forecasts its offshore dependent unit Rig Technologies to deliver better-than-expected results in the quarter. However, management remains concerned about its Completion and Production Solutions arm whose results are expected to be below the prior guidance.
Deferred deliveries of a new product in its Subsea Flexible Pipe business along with engineering challenges and scarcity of orders in its Process and Flow Technologies unit is likely to hurt the results of the segment. Meanwhile, National Oilwell expects results from its onshore focused Wellbore Technologies to be in line with expectations.
Further, the company also anticipates to incur $120-$140 million pre-tax restructuring charges. This would include expenses for facility closures, severance and inventory write-downs, as well as other charges in the quarter under review.
National Oilwell carries a Zacks Rank #3 (Hold).
National Oilwell Varco, Inc. Price
National Oilwell Varco, Inc. Price | National Oilwell Varco, Inc. Quote
Investors interested in the energy space may consider a few better-ranked energy players like ConocoPhillips (COP - Free Report) , Royal Dutch Shell plc and Statoil ASA . All three companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ConocoPhillips delivered an average positive earnings surprise of 152.34% in the trailing four quarters.
Shell is expected to witness year-over-year increase of 15.19% in its earnings in 2018.
Statoil is expected to witness year-over-year increase of 11.81% in its earnings in 2018.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>