National Oilwell Varco, Inc. (NOV) today reported a first quarter 2017 net loss of $122 million,
Revenues for the first quarter of 2017 were $1.74 billion, an increase of three percent compared to the fourth quarter of 2016
Numbers show improvements . NOV booked orders for 30 high-spec well servicing rigs for the US market. Great..............
http://finance.yahoo.com/news/national-oilwell-varco-reports-first-223000578.html
All this is BS!! I have heard unfounded rumors from very unreliable sources that have stated that NOV is going to have a hostile takeover of one of our competitors. Yes I have every reason to doubt them and I do. The rumor is there. We have the means. Opportunity and monies. Let's do this.
Behind all this fluff news and flat or sagging oil prices, it is clear that NOV is finished. A company that cuts its workforce (and often many of its best workers) but does not cut its overhead in useless management, Vice Presidents and Presidents, is a company in a death spiral. Land rigs are not enough to save this company.
Services companies are reporting growth in US shale. Rest of the world is still flat.
God bless the Oil industry!
Holy sh!t Joe! Nice pay day
Upper management is syphoning off additional money from the company because they know which way it's headed. Their motto is, get it before the banks do.
DUH, same old same!!!!!!! Just like sports play-offs year after years El Chapo "Rudy"
Never a good sign when company top dogs sell off shares.
Never too late. A few strategic acquisitions could allow NOV to diversify into renewables. The company does certainly have plenty of expertise in M&A.
The rats are jumping ship. They get out while there is still cash to be had
NOV had an opportunity to expand their business beyond oil and into renewables and sold off Ameron and rejected all R&D efforts at wave and wind renewable energy manufacturing. That ship is sailed so for good or worse NOV is tied to fossil fuels and drilling.
Time to switch to the wind industry?
More and more heartache to come, the government slow transition over from oils to solar
Some folks are considering a summer plant closure on WLY.
"Several company insiders have filed Insider transactions , on Mar 3, 2017, Joseph W Rovig (officer ) sold 49,825 shares at $41.48 per share price. According to the SEC, on Mar 2, 2017, Scott K. Duff (VP Cntrlr Chf Acctg Offcr) sold 4,785 shares at $40.78 per share price. On Nov 10, 2015, David D Harrison (director) sold 16,352 shares at $38.79 per share price, according to the Form-4 filing with the securities and exchange commission."
Some folks are still making money. :)