UPDATE: RBC Capital Markets Downgrades National Oilwell Varco

In a report published Wednesday, RBC Capital Markets analyst Kurt Hallead downgraded National Oilwell Varco (NYSE: NOV ) to Sector Perform from Outperform, with a $86.00 price target. According to the report, RBC analysts believe NOV shares are range-bound in the near term due to offshore drilling headwinds that will