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

NOV Inc. (NYSE:NOV) – Equities researchers at Atb Cap Markets lowered their Q2 2024 earnings per share estimates for NOV in a research report issued on Tuesday, April 30th. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas exploration company will earn $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.

NOV (NYSE:NOV) last released its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the previous year, the company posted $0.32 EPS. The business’s quarterly revenue was up 9.8% compared to the same quarter last year.

Several other research analysts have also recently weighed in on the stock. Piper Sandler dropped their price target on shares of NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 20th. Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 target price on shares of NOV in a research report on Tuesday, February 6th. TD Cowen reduced their price target on NOV from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday. Benchmark downgraded NOV from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Finally, Susquehanna reiterated a “positive” rating and set a $26.00 price objective on shares of NOV in a research note on Monday, April 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $24.07.

NOV Stock Performance

Shares of NYSE NOV opened at $18.38 on Thursday. NOV has a 12-month low of $14.05 and a 12-month high of $21.91. The firm has a market capitalization of $7.27 billion, a price-to-earnings ratio of 7.38, a price-to-earnings-growth ratio of 0.79 and a beta of 1.74. 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 of $18.67 and a 200 day moving average of $19.13.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Commonwealth Equity Services LLC lifted its holdings in shares of NOV by 15.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 22,967 shares of the oil and gas exploration company’s stock worth $480,000 after acquiring an additional 3,129 shares during the last quarter. Raymond James & Associates lifted its stake in NOV by 49.2% in the third quarter. Raymond James & Associates now owns 295,598 shares of the oil and gas exploration company’s stock worth $6,178,000 after purchasing an additional 97,537 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of NOV by 10.1% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 17,403 shares of the oil and gas exploration company’s stock valued at $364,000 after buying an additional 1,594 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of NOV by 14.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 73,740 shares of the oil and gas exploration company’s stock valued at $1,541,000 after buying an additional 9,079 shares during the last quarter. Finally, Park Avenue Securities LLC raised its holdings in shares of NOV by 4.7% in the third quarter. Park Avenue Securities LLC now owns 15,135 shares of the oil and gas exploration company’s stock worth $316,000 after buying an additional 676 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the company’s stock in a transaction that occurred 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 directly owns 114,212 shares in the company, valued at $1,990,715.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.85% of the stock is currently owned by company insiders.

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date was Wednesday, March 13th. NOV’s payout ratio is 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.