Atb Cap Markets Weighs in on NOV Inc.’s Q2 2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Investment analysts at Atb Cap Markets lowered their Q2 2024 earnings per share estimates for NOV in a research report issued to clients and investors on Tuesday, April 30th. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas exploration company will post earnings of $0.31 per share for the quarter, down from their previous forecast 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 announced its quarterly earnings data on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.03. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. NOV had a return on equity of 10.21% and a net margin of 11.23%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 EPS.

NOV has been the topic of a number of other research reports. StockNews.com raised shares of NOV from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Raymond James dropped their price objective on NOV from $28.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, February 5th. Stifel Nicolaus reduced their target price on NOV from $28.00 to $26.00 and set a “buy” rating for the company in a report on Monday, February 5th. TD Cowen lowered their price target on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Finally, Piper Sandler reduced their price objective on shares of NOV from $25.00 to $22.00 and set a “neutral” rating for the company in a research note on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $24.07.

NOV Stock Performance

NYSE NOV opened at $18.54 on Thursday. The firm has a market cap of $7.33 billion, a P/E ratio of 7.45, a price-to-earnings-growth ratio of 0.79 and a beta of 1.74. The company has a quick ratio of 1.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average is $18.71 and its 200-day moving average is $19.12. NOV has a 12-month low of $14.05 and a 12-month high of $21.91.

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 was Wednesday, March 13th. This represents a $0.20 dividend on an annualized basis and a yield of 1.08%. NOV’s payout ratio is 8.03%.

Insiders Place Their Bets

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 value 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 $1,990,715.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.85% of the company’s stock.

Institutional Trading of NOV

Several hedge funds have recently added to or reduced their stakes in NOV. CWM LLC increased its holdings in shares of NOV by 10.8% in the fourth quarter. CWM LLC now owns 5,480 shares of the oil and gas exploration company’s stock worth $111,000 after buying an additional 536 shares during the period. CENTRAL TRUST Co lifted its position in NOV by 85.4% in the third quarter. CENTRAL TRUST Co now owns 1,259 shares of the oil and gas exploration company’s stock valued at $26,000 after purchasing an additional 580 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of NOV by 1.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 50,280 shares of the oil and gas exploration company’s stock valued at $1,020,000 after purchasing an additional 580 shares during the period. Wedmont Private Capital grew its holdings in shares of NOV by 5.2% in the first quarter. Wedmont Private Capital now owns 12,992 shares of the oil and gas exploration company’s stock worth $263,000 after purchasing an additional 643 shares during the last quarter. Finally, Park Avenue Securities LLC increased its stake 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 institutional investors.

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.