Weak Performance in Wellbore and Completion Segments Holds Back National Oilwell Varco's 4Q Results
National Oilwell Varco's fourth-quarter results came in slightly behind our expectations. While revenue growth was a solid 7% sequentially, adjusted operating margins came in at only about 1% versus our expectation of about 2%. Nevertheless, this does mark the company's first achievement of positive adjusted operating margins since 2015. Our fair value estimate remains unchanged for now, as does our no-moat rating.The increase in revenue was driven by a strong 20% increase in the rig technologi...
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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