Dahlman Rose Reiterates Buy Rating on National Oilwell Varco (NOV)

Dahlman Rose & Co. is out with a research report this morning, where it reiterates its Buy rating on National Oilwell Varco NOV; it has a $75.00 price target on the stock. The Dahlman analysts cited the company’s most recent earnings report, which beat estimates. They noted NOV’s skewed backlog, which was 81% in offshore projects with 14% of that based in North America. They further noted that in light of pending legislation that will regulate blowout preventer requirements, NOV has seen a number of inquiries for upgrades and replacement of existing equipment. Due to this and other catalysts for the company, the Dahlman analysts are raising estimates on the name.