Griffin Securities Has Negative Forecast for NOV Q4 Earnings

NOV Inc. (NYSE:NOV) – Equities research analysts at Griffin Securities reduced their Q4 2024 earnings per share estimates for shares of NOV in a research report issued on Sunday, November 10th. Griffin Securities analyst K. Simpson now anticipates that the oil and gas exploration company will post earnings per share of $0.37 for the quarter, down from their prior estimate of $0.47. The consensus estimate for NOV’s current full-year earnings is $1.61 per share. Griffin Securities also issued estimates for NOV’s Q1 2025 earnings at $0.33 EPS, Q2 2025 earnings at $0.41 EPS, Q3 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.52 EPS and FY2025 earnings at $1.70 EPS.

Several other analysts have also recently commented on the stock. Susquehanna decreased their price target on shares of NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a research note on Monday, October 28th. Evercore ISI raised NOV to a “strong-buy” rating in a research report on Friday, July 26th. Morgan Stanley lowered their target price on shares of NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Barclays dropped their price objective on NOV from $17.00 to $16.00 and set an “underweight” rating for the company in a research report on Tuesday, October 29th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $24.00 target price on shares of NOV in a report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, NOV has an average rating of “Hold” and an average price target of $21.64.

NOV Stock Up 1.5 %

NOV stock opened at $16.53 on Tuesday. NOV has a 1-year low of $14.98 and a 1-year high of $21.23. The firm’s fifty day simple moving average is $16.06 and its 200-day simple moving average is $17.58. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $6.43 billion, a P/E ratio of 6.10, a P/E/G ratio of 0.93 and a beta of 1.66.

Institutional Trading of NOV

Several large investors have recently modified their holdings of the business. Mather Group LLC. lifted its position in NOV by 17.2% during the second quarter. Mather Group LLC. now owns 5,706 shares of the oil and gas exploration company’s stock valued at $111,000 after buying an additional 839 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of NOV by 18.2% during the second quarter. GAMMA Investing LLC now owns 5,496 shares of the oil and gas exploration company’s stock valued at $104,000 after acquiring an additional 848 shares during the period. Quadrature Capital Ltd raised its stake in NOV by 3.1% during the 1st quarter. Quadrature Capital Ltd now owns 29,481 shares of the oil and gas exploration company’s stock valued at $576,000 after acquiring an additional 889 shares in the last quarter. Truist Financial Corp grew its position in NOV by 3.4% in the 2nd quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock valued at $565,000 after buying an additional 991 shares in the last quarter. Finally, HM Payson & Co. lifted its holdings in shares of NOV by 2.1% in the third quarter. HM Payson & Co. now owns 49,000 shares of the oil and gas exploration company’s stock valued at $783,000 after buying an additional 1,000 shares during the period. 93.27% of the stock is currently owned by institutional investors and hedge funds.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.075 per share. The ex-dividend date was Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.81%. NOV’s payout ratio is currently 11.07%.

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.