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Upgrade Alert for National Oilwell Varco (NOV)

By James Quinn

National Oilwell Varco (NYSE:NOV) was upgraded from Equal Weight to Overweight at Morgan Stanley today. The stock closed yesterday at $31.70 on volume of 10.2 million shares, above average daily volume of 6.4 million.

Over the past year, National Oilwell Varco has traded in a range of $25.74 to $56.13 and closed yesterday at $31.70, 23% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 0.6%.

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 has overhead space with shares priced $31.70, or 17.1% below the average consensus analyst price target of $38.22. National Oilwell Varco shares should encounter resistance at the 200-day moving average (MA) of $35.23 and support at the 50-day MA of $30.31.

SmarTrend is tracking the current trend status for National Oilwell Varco and will alert subscribers who have NOV in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades national oilwell varco

Ticker(s): NOV