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National Oilwell (NOV) Plans to Rename Itself to 'Nov Inc.'

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National Oilwell Varco, Inc. (NOV - Free Report) has revealed its intention to change its corporate name to ‘NOV Inc.’, which will come into effect from Jan 1, 2021. Notably, the company’s ticker symbol will remain unaltered.

As we know that a name change indicates a shift in the company’s approach, National Oilwell revealed that there has been a diversification in its services. The company’s plan to rename itself reflects its aim of further expanding its scope and scale to enhance economic efficiencies, as well as safety within the energy sector.

It is to be noted that the Houston-based company usually delivers services and equipment to oil and gas producers, as well as drilling contractors. However, in recent times, it has achieved several contracts in the offshore wind space. National Oilwell entered into a deal to provide a new crane on wind service operator Cadeler's turbine installation vessel Wind Orca, in order to prepare it for the installation of larger next-generation wind turbines with capacity ratings of more than 14 megawatts.

While the entire energy industry looks forward to improving the energy portfolio with low-carbon sources, the company aims to provide technology-driven solutions to empower the global energy sector by using core engineering, manufacturing, and project management expertise.

Notably, National Oilwell’s deep expertise and technology facilitate the entire industry to persistently improve oilfield operations and support its efforts to boost energy transition to a more sustainable future.

Company Profile & Price Performance

Headquartered in Houston, TX, National Oilwell is a leading oil and gas mechanical and equipment company. The company’s shares have outperformed the industry in the past three months. Its stock has gained 43.3% compared with the industry’s 39.3% rally.

Zacks Rank & Stocks to Consider

National Oilwell currently carries a Zack Rank #3 (Hold).

Some better-ranked players in the energy space include China Petroleum & Chemical Corporation (SNP - Free Report) , Sprague Resources LP (SRLP - Free Report) , and Hess Midstream Partners (HESM - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, the Zacks Consensus Estimate for China Petroleum’s 2020 earnings has been raised 248.7%.

Sprague Resources and Hess Midstream are likely to see earnings growth of 42% and 8.9%, respectively, in the next year.

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