NEW YORK (TheStreet) -- Shares of National Oilwell Varco (NOV) were declining, down 0.81% to $48.76 after Credit Suisse lowered its 2015 earnings estimates to $2.93 from $3.10 per share, and lowered 2016 earnings estimates to $2.43 from $2.89 per share.
National Oilwell Varco is engaged in providing design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations.
The firm maintained an "underperform" rating with a price target of $43 on the stock.
With a still awful environment for U.S. onshore activity and pricing, the second quarter earnings results were worse than had been expected, and the firm lowered its second quarter forecast to $0.63 per share from $0.69, according to the analyst note.
"The U.S. rig count continues to fall and has surpassed virtually all expectations; the Baker Hughes horizontal rig count stands 52% beneath its November peak last year," Credit Suisse analysts said.
Separately, TheStreet Ratings team rates NATIONAL OILWELL VARCO INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NATIONAL OILWELL VARCO INC (NOV) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, poor profit margins and deteriorating net income."