By midmorning, shares had tumbled 6.3% to $78.23.
Over the three months to March, the oil and drilling equipment provider reported unadjusted net income of $589 million, or $1.37 a share. Analysts surveyed by Thomson Reuters had forecast net income of $598.7 million, or $1.39 a share.
Excluding one-time charges, per-share earnings of $1.40 a share beat estimates by 2 cents.
Revenue of $5.78 billion slipped 6% quarter-on-quarter, missing expectations of $5.8 billion.
TheStreet Ratings team rates NATIONAL OILWELL VARCO INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NATIONAL OILWELL VARCO INC (NOV) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
- You can view the full analysis from the report here: NOV Ratings Report
Must read: Warren Buffett's 10 Favorite Growth Stocks