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Downgrade Alert for National Oilwell Varco (NOV)

By David Diaz

National Oilwell Varco (NYSE:NOV) was downgraded from Hold to Sell at Societe Generale today. The stock closed yesterday at $33.47 on volume of 7.1 million shares, below average daily volume of 7.3 million.

National-Oilwell Varco Inc. designs, manufactures, and sells machinery, equipment, and downhole products used in oil and gas drilling and production. The Company also provides oilfield inspection and other services, and supply chain integration services to the upstream oil and gas industry.

National Oilwell Varco share prices have moved between a 52-week high of $56.13 and a 52-week low of $25.74 and closed yesterday at 30% above that low price at $33.47 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.4%.

National Oilwell Varco has overhead space with shares priced $33.47, or 12.4% below the average consensus analyst price target of $38.22. The stock should hit resistance at its 200-day moving average (MA) of $35.00, as well as support at its 50-day MA of $30.84.

SmarTrend is monitoring the recent change of momentum in National Oilwell Varco. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of National Oilwell Varco in search of a potential trend change.

Keywords: analyst upgrades/downgrades national oilwell varco

Ticker(s): NOV