National Oilwell Varco Reports Somewhat Weak 1Q Results as Rig Technologies Segment Reaches New Low
National Oilwell Varco reported somewhat weak first-quarter results, with revenue falling 2% sequentially and adjusted operating margin slipping from 1% to negative 0.7%. The shares traded flat in response, as management had communicated two weeks ago that results were likely to be weak (after which the shares fell about 4%). NOV reported that delays in customers’ ordering activity relative to typical year-end patterns was a cause of weaker results across the board. Our fair value estimate and n...National Oilwell Varco is an independent provider of equipment and technology to the upstream oil and gas industry. The company's segments include: Wellbore Technologies, which designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations; Completion and Production Solutions, which designs, manufactures, and sells equipment and technologies for hydraulic fracture stimulation, well intervention, onshore production, and offshore production; and Rig Technologies, which designs, manufactures and sells land rigs, offshore drilling equipment packages, and drilling rig components that mechanize and automate the drilling process and rig functionality.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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