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Upgrade Alert for National Oilwell Varco (NOV)

By Nick Russo

National Oilwell Varco (NYSE:NOV) was upgraded from Sell to Hold at Societe Generale today. The stock closed yesterday at $32.10 on volume of 5.8 million shares, below average daily volume of 7.3 million.

Potential upside of 19.1% exists for National Oilwell Varco, based on a current level of $32.10 and analysts' average consensus price target of $38.22. The stock should hit resistance at its 200-day moving average (MA) of $34.95, as well as support at its 50-day MA of $30.94.

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.

Over the past year, National Oilwell Varco has traded in a range of $25.74 to $56.13 and closed yesterday at $32.10, 25% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.4%.

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