NOV Inc. (NYSE:NOV) to Post Q3 2024 Earnings of $0.30 Per Share, Atb Cap Markets Forecasts

NOV Inc. (NYSE:NOV) – Equities researchers at Atb Cap Markets decreased their Q3 2024 earnings per share (EPS) estimates for NOV in a report released on Tuesday, October 1st. Atb Cap Markets analyst W. Syed now anticipates that the oil and gas exploration company will earn $0.30 per share for the quarter, down from their previous estimate of $0.34. The consensus estimate for NOV’s current full-year earnings is $1.63 per share. Atb Cap Markets also issued estimates for NOV’s Q4 2024 earnings at $0.32 EPS, Q3 2025 earnings at $0.41 EPS and Q3 2026 earnings at $0.48 EPS.

Several other research firms have also recently commented on NOV. Benchmark restated a “hold” rating on shares of NOV in a research note on Friday, July 26th. Wells Fargo & Company cut NOV from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $20.00 to $16.00 in a research note on Wednesday, September 25th. TD Cowen upped their price target on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research report on Monday, July 29th. Finally, Piper Sandler cut their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.54.

NOV Price Performance

NOV stock opened at $16.60 on Thursday. NOV has a 12 month low of $15.47 and a 12 month high of $21.53. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The business has a 50 day simple moving average of $17.36 and a 200-day simple moving average of $18.26. The stock has a market capitalization of $6.56 billion, a PE ratio of 6.66, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67.

NOV (NYSE:NOV) last released its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The business had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The company’s quarterly revenue was up 5.9% compared to the same quarter last year.

Institutional Trading of NOV

Large investors have recently bought and sold shares of the company. Pzena Investment Management LLC boosted its stake in shares of NOV by 0.3% during the second quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock valued at $668,694,000 after acquiring an additional 103,238 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of NOV by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after acquiring an additional 3,470,860 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of NOV by 67.2% during the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock valued at $188,749,000 after acquiring an additional 3,989,095 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of NOV by 769.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock valued at $125,048,000 after acquiring an additional 5,456,581 shares during the last quarter. Finally, Boston Partners acquired a new stake in shares of NOV during the first quarter valued at $119,686,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s dividend payout ratio (DPR) is 12.05%.

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.