Brokers Issue Forecasts for NOV Inc.’s Q2 2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Analysts at Seaport Res Ptn dropped their Q2 2024 earnings per share estimates for shares of NOV in a research note issued to investors on Sunday, April 28th. Seaport Res Ptn analyst T. Curran now anticipates that the oil and gas exploration company will post earnings of $0.38 per share for the quarter, down from their previous estimate of $0.40. The consensus estimate for NOV’s current full-year earnings is $1.52 per share. Seaport Res Ptn also issued estimates for NOV’s FY2024 earnings at $1.65 EPS, Q1 2025 earnings at $0.44 EPS, Q2 2025 earnings at $0.51 EPS, Q3 2025 earnings at $0.60 EPS and FY2025 earnings at $2.16 EPS.

Several other research firms also recently issued reports on NOV. Piper Sandler reduced their price target on NOV from $25.00 to $22.00 and set a “neutral” rating for the company in a research note on Tuesday, February 20th. Royal Bank of Canada restated a “sector perform” rating and set a $24.00 price objective on shares of NOV in a research note on Tuesday, February 6th. Stifel Nicolaus cut 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. Raymond James decreased their price target on NOV from $28.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday, February 5th. Finally, StockNews.com upgraded shares of NOV from a “sell” rating to a “hold” rating in a research note on Wednesday, January 31st. Two equities 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. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $24.07.

NOV Trading Up 2.5 %

Shares of NYSE:NOV opened at $19.34 on Tuesday. The stock has a market cap of $7.65 billion, a PE ratio of 7.77, a P/E/G ratio of 0.82 and a beta of 1.74. The company has a quick ratio of 1.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.28. NOV has a 12-month low of $14.05 and a 12-month high of $21.91. The business has a 50 day moving average of $18.64 and a 200-day moving average of $19.15.

NOV (NYSE:NOV) last announced its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.27 by $0.03. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. NOV had a net margin of 11.23% and a return on equity of 10.21%. NOV’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.32 EPS.

Institutional Investors Weigh In On NOV

Several large investors have recently added to or reduced their stakes in NOV. Teachers Retirement System of The State of Kentucky raised its holdings in shares of NOV by 93.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 134,503 shares of the oil and gas exploration company’s stock valued at $2,811,000 after purchasing an additional 65,006 shares during the period. Schroder Investment Management Group bought a new position in NOV in the third quarter worth approximately $13,329,000. Sei Investments Co. grew its stake in NOV by 31.4% in the third quarter. Sei Investments Co. now owns 620,105 shares of the oil and gas exploration company’s stock valued at $12,960,000 after acquiring an additional 148,099 shares during the period. Fifth Third Bancorp increased its holdings in shares of NOV by 27.8% during the third quarter. Fifth Third Bancorp now owns 4,990 shares of the oil and gas exploration company’s stock valued at $104,000 after acquiring an additional 1,086 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of NOV during the third quarter worth approximately $4,314,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Activity at NOV

In related news, CAO Christy Lynn Novak sold 3,500 shares of NOV stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total transaction of $61,005.00. Following the completion of the transaction, the chief accounting officer now owns 114,212 shares of the company’s stock, valued at $1,990,715.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.85% of the stock is currently owned by company insiders.

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date was Wednesday, March 13th. NOV’s dividend payout ratio is currently 8.03%.

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.