Zacks Research Weighs in on NOV’s FY2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Investment analysts at Zacks Research decreased their FY2024 earnings per share estimates for shares of NOV in a report released on Thursday, November 14th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas exploration company will post earnings of $1.53 per share for the year, down from their previous estimate of $1.58. The consensus estimate for NOV’s current full-year earnings is $1.59 per share. Zacks Research also issued estimates for NOV’s Q4 2024 earnings at $0.33 EPS, Q1 2025 earnings at $0.30 EPS, Q2 2025 earnings at $0.38 EPS, Q4 2025 earnings at $0.40 EPS, FY2025 earnings at $1.47 EPS, Q1 2026 earnings at $0.31 EPS, Q2 2026 earnings at $0.42 EPS, Q3 2026 earnings at $0.41 EPS and FY2026 earnings at $1.60 EPS.

A number of other brokerages have also issued reports on NOV. Benchmark reaffirmed a “hold” rating on shares of NOV in a research report on Friday, July 26th. Royal Bank of Canada restated a “sector perform” rating and set a $24.00 price objective on shares of NOV in a report on Monday, July 29th. Wells Fargo & Company reduced their target price on shares of NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a research note on Monday, November 4th. Stifel Nicolaus lowered their price target on NOV from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. reduced their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $21.64.

NOV Stock Performance

Shares of NYSE NOV opened at $15.99 on Monday. NOV has a 12 month low of $14.98 and a 12 month high of $21.23. The company has a market cap of $6.22 billion, a P/E ratio of 5.90, a P/E/G ratio of 0.93 and a beta of 1.66. The business’s 50 day moving average is $16.02 and its two-hundred day moving average is $17.47. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Friday, December 6th. NOV’s dividend payout ratio is currently 11.07%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Pzena Investment Management LLC increased its holdings in NOV by 22.3% during the 3rd quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock valued at $687,143,000 after purchasing an additional 7,851,220 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in shares of NOV by 23.1% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 37,153,173 shares of the oil and gas exploration company’s stock valued at $593,336,000 after buying an additional 6,963,660 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of NOV by 40.0% in the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after buying an additional 3,470,860 shares during the last quarter. Bank of New York Mellon Corp lifted its position in NOV by 67.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock worth $188,749,000 after buying an additional 3,989,095 shares in the last quarter. Finally, Boston Partners bought a new stake in NOV during the 1st quarter worth about $119,686,000. 93.27% of the stock is owned by institutional investors and hedge funds.

NOV Company Profile

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.