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National Oilwell Varco Inc. Reports Mixed Earnings For Q2

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Uploaded on Jul 26, 2011

National Oilwell Varco Inc. (NYSE:NOV) reported EPS of $1.14, ex-items, ahead of consensus estimates of $1.01 per share. Revenues for the quarter rose 19.4% year-over-year to $3.51 billion, missing consensus estimates of $3.23 billion.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, "Our Company achieved strong earnings this quarter, thanks to the hard work of our dedicated employees, who provide great service, quality products, and remarkable technology to the oil and gas industry worldwide, every day. All three segments posted higher sequential and year-over-year revenues, and we were pleased by the record level of bookings into our capital equipment backlog, which increased again this quarter for both land and offshore rigs. The Company continues to expand organically and pursue promising acquisition opportunities, supported by its substantial financial resources and strong technology portfolio."

National Oilwell Varco (NYSE:NOV) has a potential upside of 14.5% based on a current price of $82.31 and an average consensus analyst price target of $94.23.

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