Seaport Global analyst Mike Urban upgraded National Oilwell Varco to Neutral from Sell without a price target. The cyclical upturn in offshore and international, which represent the majority of the company's revenue, is beginning to accelerate to the upside, Urban tells investors in a research note following its Q2 results. Further, he believes National Oilwell's restructuring efforts are "beginning to bear fruit." These, combined with the likelihood of a significant increase in free cash flow in the second half of 2019, brings a more balanced risk/reward profile for the shares, says Urban.