3 Stocks Dragging In The Energy Industry
Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.
One out of the three major indices are trading lower today with the Dow Jones Industrial Average (^DJI) trading up 16 points (0.1%) at 16,733 as of Monday, June 2, 2014, 12:55 PM ET. The NYSE advances/declines ratio sits at 1,394 issues advancing vs. 1,564 declining with 187 unchanged.
The Energy industry currently sits down 0.4% versus the S&P 500, which is unchanged. A company within the industry that fell today was Ultrapar Participacoes (UGP), up 3.3%. Top gainers within the industry include Energy Transfer Equity (ETE), up 1.3%, China Petroleum & Chemical (SNP), up 1.4% and PetroChina (PTR), up 0.6%.
TheStreet would like to highlight 3 stocks pushing the industry lower today:
3. National Oilwell Varco (NOV) is one of the companies pushing the Energy industry lower today due to the spinoff its distribution business, NOW Inc under ticker symbol (DNOW). As of noon trading, National Oilwell Varco is down $7.87 (-9.6%) to $74.00 on average volume. Thus far, 2.0 million shares of National Oilwell Varco exchanged hands as compared to its average daily volume of 3.7 million shares. The stock has ranged in price between $73.79-$75.30 after having opened the day at $74.70 as compared to the previous trading day's close of $81.87.
National Oilwell Varco, Inc. provides equipment and components for oil and gas drilling and production; oilfield services; and supply chain integration services to the upstream oil and gas industry worldwide. National Oilwell Varco has a market cap of $35.2 billion and is part of the basic materials sector. Shares are up 2.9% year-to-date as of the close of trading on Friday. Currently there are 11 analysts that rate National Oilwell Varco a buy, 1 analyst rates it a sell, and 6 rate it a hold.
TheStreet Ratings rates National Oilwell Varco as a buy. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. Get the full National Oilwell Varco Ratings Report now.
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