Shares of National Oilwell Varco climbed Tuesday after the company reported a smaller-than-expected earnings loss.
Bucking the overall downward trend in the energy sector, National Oilwell Varco shares traded about 5 percent higher, tracking for their best day since Nov. 30, 2016.
The oil-and-gas equipment company posted a loss of 15 cents a share for the fourth quarter, far less than the expected loss of 29 cents a share, according to a consensus estimate from Thomson Reuters. Revenue of $1.69 billion topped expectations of $1.62 billion.
Five-day performance of National Oilwell Varco
Management noted a benefit from growth in its land markets business — that is, operations in onshore oil fields as opposed to offshore drilling.
"For the first time in many years, the company's total revenues from land markets exceeded its total revenue from offshore, driven by sharply rising demand in North America," CEO Clay Williams said in the press release.
Williams also noted that this was the first quarter in which revenues increased since oil prices dropped late in 2014.
The stock is currently trading at $39.46 per share, nearly 39 percent higher than it was this time last year.
U.S. crude oil futures are up more than 65 percent year-over-year near $52 a barrel.
