NOV Inc. to Post Q2 2023 Earnings of $0.25 Per Share, Griffin Securities Forecasts (NYSE:NOV)

NOV Inc. (NYSE:NOVGet Rating) – Analysts at Griffin Securities boosted their Q2 2023 earnings estimates for NOV in a report issued on Thursday, November 17th. Griffin Securities analyst K. Simpson now expects that the oil and gas exploration company will earn $0.25 per share for the quarter, up from their prior forecast of $0.24. The consensus estimate for NOV’s current full-year earnings is $0.45 per share. Griffin Securities also issued estimates for NOV’s Q3 2023 earnings at $0.30 EPS and FY2023 earnings at $1.11 EPS.

NOV has been the topic of a number of other research reports. Susquehanna lowered their price objective on shares of NOV from $27.00 to $25.00 in a research report on Monday, October 31st. Piper Sandler increased their price objective on shares of NOV to $22.00 in a research report on Tuesday, November 1st. Wells Fargo & Company upgraded shares of NOV from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $16.00 to $25.00 in a research report on Monday, November 7th. Barclays increased their price target on shares of NOV from $22.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 1st. Finally, Susquehanna Bancshares decreased their price target on shares of NOV from $27.00 to $25.00 in a research report on Monday, October 31st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $22.62.

NOV Stock Down 1.4 %

Shares of NOV stock opened at $22.65 on Monday. The company has a market cap of $8.90 billion, a price-to-earnings ratio of 755.25 and a beta of 1.87. The company’s 50 day moving average is $19.61 and its 200 day moving average is $18.32. NOV has a twelve month low of $11.46 and a twelve month high of $24.25. The company has a quick ratio of 1.52, a current ratio of 2.30 and a debt-to-equity ratio of 0.35.

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 23rd. Stockholders of record on Friday, December 9th will be issued a $0.05 dividend. The ex-dividend date is Thursday, December 8th. This represents a $0.20 annualized dividend and a dividend yield of 0.88%. NOV’s dividend payout ratio is currently 666.89%.

Insider Activity

In other NOV news, insider Isaac H. Joseph sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $22.77, for a total transaction of $56,925.00. Following the sale, the insider now owns 190,611 shares of the company’s stock, valued at approximately $4,340,212.47. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Isaac H. Joseph sold 2,500 shares of the company’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $22.77, for a total transaction of $56,925.00. Following the completion of the sale, the insider now owns 190,611 shares of the company’s stock, valued at $4,340,212.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Greg L. Armstrong sold 10,381 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $18.99, for a total transaction of $197,135.19. Following the completion of the sale, the director now directly owns 82,724 shares of the company’s stock, valued at approximately $1,570,928.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,456 shares of company stock worth $360,063. 1.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NOV

Hedge funds have recently modified their holdings of the business. M&T Bank Corp lifted its holdings in NOV by 42.1% in the third quarter. M&T Bank Corp now owns 40,372 shares of the oil and gas exploration company’s stock valued at $653,000 after acquiring an additional 11,966 shares during the period. Captrust Financial Advisors grew its holdings in NOV by 24.0% in the 3rd quarter. Captrust Financial Advisors now owns 17,897 shares of the oil and gas exploration company’s stock valued at $290,000 after buying an additional 3,463 shares during the period. Alpha DNA Investment Management LLC purchased a new stake in shares of NOV during the 3rd quarter worth about $653,000. Balyasny Asset Management LLC grew its holdings in shares of NOV by 374.3% during the 3rd quarter. Balyasny Asset Management LLC now owns 2,854,978 shares of the oil and gas exploration company’s stock worth $46,194,000 after purchasing an additional 2,253,101 shares during the period. Finally, CreativeOne Wealth LLC acquired a new position in NOV during the 3rd quarter worth approximately $272,000. 97.86% of the stock is currently owned by hedge funds and other institutional investors.

About NOV

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NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

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Earnings History and Estimates for NOV (NYSE:NOV)

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