Griffin Securities Equities Analysts Cut Earnings Estimates for NOV Inc. (NYSE:NOV)

NOV Inc. (NYSE:NOVFree Report) – Griffin Securities cut their Q1 2024 EPS estimates for NOV in a research note issued to investors on Thursday, February 8th. Griffin Securities analyst K. Simpson now forecasts that the oil and gas exploration company will post earnings per share of $0.27 for the quarter, down from their prior forecast of $0.35. The consensus estimate for NOV’s current full-year earnings is $1.63 per share. Griffin Securities also issued estimates for NOV’s Q2 2024 earnings at $0.40 EPS.

Other research analysts also recently issued research reports about the stock. TD Cowen decreased their price target on shares of NOV from $31.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 5th. Benchmark downgraded shares of NOV from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. StockNews.com upgraded shares of NOV from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. Royal Bank of Canada restated a “sector perform” rating and set a $24.00 price objective on shares of NOV in a research report on Tuesday, February 6th. Finally, Barclays downgraded shares of NOV from an “equal weight” rating to an “underweight” rating and set a $20.00 price objective for the company. in a research report on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.21.

Get Our Latest Report on NOV

NOV Trading Up 1.6 %

Shares of NOV stock opened at $17.48 on Monday. NOV has a fifty-two week low of $14.05 and a fifty-two week high of $24.21. The company has a 50 day moving average price of $19.54 and a 200 day moving average price of $19.93. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.51 and a current ratio of 2.40. The stock has a market capitalization of $6.89 billion, a P/E ratio of 6.96, a price-to-earnings-growth ratio of 0.30 and a beta of 1.77.

NOV (NYSE:NOVGet Free Report) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas exploration company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $1.10. The business had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.26 billion. NOV had a net margin of 11.57% and a return on equity of 10.79%. The business’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period last year, the business earned $0.26 earnings per share.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. CENTRAL TRUST Co lifted its holdings 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 during the period. Covestor Ltd lifted its holdings in shares of NOV by 94.4% during the 1st quarter. Covestor Ltd now owns 1,287 shares of the oil and gas exploration company’s stock worth $25,000 after acquiring an additional 625 shares during the period. Acadian Asset Management LLC purchased a new position in shares of NOV during the 1st quarter worth about $34,000. Bruce G. Allen Investments LLC purchased a new position in shares of NOV during the 4th quarter worth about $49,000. Finally, Belpointe Asset Management LLC lifted its holdings in shares of NOV by 66.0% during the 1st quarter. Belpointe Asset Management LLC now owns 2,491 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 990 shares during the period. 93.19% of the stock is currently owned by hedge funds and other institutional investors.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 22nd. Shareholders of record on Friday, December 8th were issued a $0.05 dividend. The ex-dividend date was Thursday, December 7th. This represents a $0.20 dividend on an annualized basis and a yield of 1.14%. NOV’s dividend payout ratio (DPR) is 7.97%.

NOV Company Profile

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NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

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Earnings History and Estimates for NOV (NYSE:NOV)

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