Actionable news
All posts from Actionable news
Actionable news in NOV: NATIONAL OILWELL VARCO Inc,

National-Oilwell Varco's 50-Day Moving Average Just Did Something It Hasn't Done Since 2014

National-Oilwell Varco's 50-Day Moving Average Just Did Something It Hasn't Done Since 2014 - National-Oilwell, Inc. NYSE:NOV, Schlumberger N.V. NYSE:SLB

It’s been nearly two years since National-Oilwell Varco, Inc. NOV 0.38% has recorded a bullish golden cross technical formation in its chart, but the battered stock’s 50-day simple moving average (SMA) finally crossed above its 200-day SMA a little more than a month ago. It’s been a long ride down for oil services stocks like National-Oilwell Varco, but a growing number of them are finally demonstrating bullish long-term technical signs.

Schlumberger Limited. SLB 0.04% recorded a golden cross back in April. Halliburton Company HAL 0.14%’s golden cross happened back at the beginning of May. After a failed merger with Halliburton, Baker Hughes Incorporated BHI 0.71% finally became the latest member of the integrated oil services club to log a golden cross just last week.

Weatherford International Plc WFT 0.52% shareholders are still waiting for their golden cross, however. It looks like it might be a while. The stock is currently trading well below both its 50-day and 200-day SMAs.

Earlier this month, Citi analyst Scott Gruber reiterated his bullish outlook for integrated oil services stocks, naming Halliburton the firm’s top pick. The firm also has Buy ratings on Schlumberger, Baker Hughes and Weatherford.

Gruber believes these four companies will be able to grow earnings via cost-cutting, even if drilling activity remains depressed in the near term.

Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!

Disclosure: The author is long, HAL, SLB and BHI.

© 2016 Benzinga does not provide investment advice. All rights reserved.