Q2 2024 EPS Estimates for NOV Inc. Reduced by Analyst (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Equities research analysts at Atb Cap Markets reduced their Q2 2024 earnings per share estimates for shares of NOV in a report issued on Tuesday, April 30th. Atb Cap Markets analyst W. Syed now expects that the oil and gas exploration company will post earnings of $0.31 per share for the quarter, down from their prior estimate of $0.34. The consensus estimate for NOV’s current full-year earnings is $1.54 per share. Atb Cap Markets also issued estimates for NOV’s Q3 2024 earnings at $0.38 EPS, Q4 2024 earnings at $0.46 EPS, FY2024 earnings at $1.45 EPS and Q1 2025 earnings at $0.33 EPS.

Other analysts have also issued reports about the stock. Piper Sandler reduced their price objective on shares of NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $24.00 price target on shares of NOV in a research note on Tuesday, February 6th. Benchmark downgraded NOV from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Stifel Nicolaus decreased their target price on NOV from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Finally, Susquehanna restated a “positive” rating and issued a $26.00 price target on shares of NOV in a report on Monday, April 8th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, NOV has a consensus rating of “Hold” and a consensus price target of $24.07.

NOV Price Performance

NOV stock opened at $18.54 on Thursday. NOV has a 12-month low of $14.05 and a 12-month high of $21.91. The company has a current ratio of 2.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average price of $18.71 and a 200-day moving average price of $19.12. The firm has a market capitalization of $7.33 billion, a PE ratio of 7.45, a price-to-earnings-growth ratio of 0.79 and a beta of 1.74.

NOV (NYSE:NOV) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.03. NOV had a return on equity of 10.21% and a net margin of 11.23%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same period last year, the company earned $0.32 earnings per share. NOV’s revenue was up 9.8% on a year-over-year basis.

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a $0.05 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.08%. NOV’s payout ratio is presently 8.03%.

Insider Activity

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $17.43, for a total transaction of $61,005.00. Following the sale, the chief accounting officer now owns 114,212 shares of the company’s stock, valued at approximately $1,990,715.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.85% of the company’s stock.

Institutional Trading of NOV

Several hedge funds have recently modified their holdings of the company. CENTRAL TRUST Co raised its stake in shares of NOV by 85.4% during the 3rd quarter. CENTRAL TRUST Co now owns 1,259 shares of the oil and gas exploration company’s stock worth $26,000 after acquiring an additional 580 shares in the last quarter. Rise Advisors LLC acquired a new position in shares of NOV during the first quarter worth $26,000. Riverview Trust Co purchased a new stake in shares of NOV during the 1st quarter valued at $39,000. Bruce G. Allen Investments LLC acquired a new stake in shares of NOV in the 4th quarter worth $49,000. Finally, GAMMA Investing LLC purchased a new position in NOV during the 4th quarter worth $61,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

About NOV

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.