National Oilwell Varco's 3Q Disappoints Slightly Relative to Guidance; Our FVE Is Unchanged
National Oilwell Varco's third-quarter results fell slightly below prior management guidance, with revenue up 2% sequentially and adjusted operating margins improving to 3.4% from 2.5% chiefly due to lower corporate-level costs. For now, our fair value estimate and no-moat rating are unchanged.The sequential revenue increase was driven by the wellbore technologies segment, which saw a 7% increase in revenue on broad-based improvement in drilling products and led by a "double-digit" increase in ...
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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