NOV Inc. (NYSE:NOV) Forecasted to Post Q2 2024 Earnings of $0.40 Per Share

NOV Inc. (NYSE:NOVFree Report) – Investment analysts at Seaport Res Ptn dropped their Q2 2024 earnings estimates for shares of NOV in a report released on Monday, February 5th. Seaport Res Ptn analyst T. Curran now expects that the oil and gas exploration company will earn $0.40 per share for the quarter, down from their prior forecast of $0.46. The consensus estimate for NOV’s current full-year earnings is $1.63 per share. Seaport Res Ptn also issued estimates for NOV’s Q3 2024 earnings at $0.47 EPS, FY2024 earnings at $1.66 EPS, Q1 2025 earnings at $0.43 EPS, Q2 2025 earnings at $0.52 EPS, Q3 2025 earnings at $0.59 EPS, Q4 2025 earnings at $0.62 EPS and FY2025 earnings at $2.17 EPS.

A number of other research analysts also recently weighed in on NOV. TD Cowen cut their price target on shares of NOV from $31.00 to $30.00 and set an “outperform” rating on the stock in a report on Monday. Benchmark downgraded shares of NOV from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. JPMorgan Chase & Co. raised shares of NOV from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $22.00 to $25.00 in a report on Friday, December 8th. Raymond James dropped their target price on shares of NOV from $28.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Barclays cut shares of NOV from an “equal weight” rating to an “underweight” rating and set a $20.00 price target for the company. in a research report on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, NOV currently has a consensus rating of “Hold” and an average target price of $24.21.

Get Our Latest Report on NOV

NOV Stock Up 0.5 %

NOV stock opened at $17.27 on Wednesday. The company has a market capitalization of $6.80 billion, a P/E ratio of 6.88, a P/E/G ratio of 0.31 and a beta of 1.77. The firm’s fifty day simple moving average is $19.60 and its 200-day simple moving average is $19.93. The company has a current ratio of 2.40, a quick ratio of 1.51 and a debt-to-equity ratio of 0.27. NOV has a 1-year low of $14.05 and a 1-year high of $24.21.

NOV (NYSE:NOVGet Free Report) last released its earnings results on Friday, February 2nd. The oil and gas exploration company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $1.10. NOV had a net margin of 11.57% and a return on equity of 10.79%. The company had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the prior year, the firm earned $0.26 EPS. The company’s revenue was up 13.0% compared to the same quarter last year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. boosted its stake in shares of NOV by 18.6% in the 2nd quarter. First Horizon Advisors Inc. now owns 3,268 shares of the oil and gas exploration company’s stock valued at $52,000 after purchasing an additional 512 shares in the last quarter. CWM LLC boosted its stake in shares of NOV by 10.8% in the 4th quarter. CWM LLC now owns 5,480 shares of the oil and gas exploration company’s stock valued at $111,000 after purchasing an additional 536 shares in the last quarter. CENTRAL TRUST Co boosted its stake in shares of NOV by 85.4% in the 3rd quarter. CENTRAL TRUST Co now owns 1,259 shares of the oil and gas exploration company’s stock valued at $26,000 after purchasing an additional 580 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of NOV by 1.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 50,280 shares of the oil and gas exploration company’s stock valued at $1,020,000 after purchasing an additional 580 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in shares of NOV by 3.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 18,956 shares of the oil and gas exploration company’s stock valued at $306,000 after purchasing an additional 598 shares in the last quarter. Institutional investors and hedge funds own 93.19% of the company’s stock.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 22nd. Stockholders of record on Friday, December 8th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Thursday, December 7th. NOV’s dividend payout ratio (DPR) is presently 7.97%.

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.

See Also

Earnings History and Estimates for NOV (NYSE:NOV)

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