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Tuesday, July 29, 2014

National Oilwell profit beats estimates as rig margins rise, (NYSE: NOV)

National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, reported a better-than-expected rise in profit for the fourth quarter in a row due to higher margins in its rig systems business.The company said it booked $3.4 billion in new orders for oilfield equipment in the second quarter ended June 30, slightly higher than $3.15 billion a year earlier.National Oilwell said it expects the strong demand to continue in the second half of the year.The company's forecast is in stark contrast to that of rival Diamond Offshore Drilling Inc's, which warned last week that it expected rig oversupply to continue into 2016.

National Oilwell Varco, Inc. is a provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. Shares of NOV fell by 0.55% or $-0.47/share to $84.70. In the past year, the shares have traded as low as $61.38 and as high as $86.41. On average, 3293290 shares of NOV exchange hands on a given day and today's volume is recorded at 4034808.