NOV Inc. (NYSE:NOV) Expected to Post Q2 2024 Earnings of $0.38 Per Share

NOV Inc. (NYSE:NOV) – Seaport Res Ptn cut their Q2 2024 earnings per share estimates for shares of NOV in a report issued on Sunday, April 28th. Seaport Res Ptn analyst T. Curran now anticipates that the oil and gas exploration company will post earnings per share of $0.38 for the quarter, down from their previous forecast 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.

NOV (NYSE:NOV) last released its quarterly earnings data 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 company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. NOV had a return on equity of 10.21% and a net margin of 11.23%. NOV’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS.

A number of other brokerages also recently issued reports on NOV. Stifel Nicolaus cut their price target on NOV from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, February 5th. Benchmark downgraded NOV from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. StockNews.com upgraded NOV from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Raymond James cut their price target on NOV from $28.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, February 5th. Finally, Piper Sandler cut their price target on NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a report on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.07.

NOV Trading Down 0.6 %

NOV opened at $18.38 on Tuesday. The stock’s fifty day moving average is $18.67 and its two-hundred day moving average is $19.13. The company has a market capitalization of $7.27 billion, a P/E ratio of 7.38, a PEG ratio of 0.84 and a beta of 1.74. NOV has a 52 week low of $14.05 and a 52 week high of $21.91. The company has a quick ratio of 1.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.28.

Hedge Funds Weigh In On NOV

Several institutional investors and hedge funds have recently modified their holdings of NOV. Teachers Retirement System of The State of Kentucky increased its stake in shares of NOV by 93.5% in the 3rd 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 in the last quarter. Schroder Investment Management Group acquired a new position in NOV during the third quarter worth $13,329,000. Sei Investments Co. lifted its stake in NOV by 31.4% during the third quarter. Sei Investments Co. now owns 620,105 shares of the oil and gas exploration company’s stock worth $12,960,000 after purchasing an additional 148,099 shares in the last quarter. Fifth Third Bancorp lifted its stake in 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 worth $104,000 after purchasing an additional 1,086 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in NOV during the third quarter worth $4,314,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insiders Place Their Bets

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

NOV Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.09%. 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.