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

NOV Inc. (NYSE:NOV) – Seaport Res Ptn lowered their Q2 2024 earnings 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 earn $0.38 per share for the quarter, down from their prior 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.

A number of other research analysts also recently issued reports on NOV. Susquehanna restated a “positive” rating and set a $26.00 target price on shares of NOV in a research report on Monday, April 8th. TD Cowen cut their price target on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday. Benchmark downgraded shares of NOV from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Stifel Nicolaus cut their price target on shares of NOV from $28.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. Finally, Raymond James cut their price target on shares of NOV from $28.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday, February 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $24.07.

NOV Stock Performance

NOV stock opened at $18.38 on Tuesday. The company has a current ratio of 2.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.28. NOV has a 1 year low of $14.05 and a 1 year high of $21.91. The company has a market cap of $7.27 billion, a PE ratio of 7.38, a PEG ratio of 0.84 and a beta of 1.74. The company’s 50-day moving average is $18.67 and its two-hundred day moving average is $19.13.

NOV (NYSE:NOV) last issued its quarterly earnings data on Thursday, April 25th. The oil and gas exploration company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.03. NOV had a net margin of 11.23% and a return on equity of 10.21%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same quarter in the prior year, the firm earned $0.32 EPS. The company’s revenue was up 9.8% on a year-over-year basis.

NOV Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid 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 1.09%. NOV’s payout ratio is 8.03%.

Insider Buying and Selling

In other news, CAO Christy Lynn Novak sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total transaction of $61,005.00. Following the completion of the transaction, the chief accounting officer now directly owns 114,212 shares of the company’s stock, valued at approximately $1,990,715.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On NOV

Several hedge funds have recently made changes to their positions in the business. CENTRAL TRUST Co grew its stake in shares of 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 buying an additional 580 shares in the last quarter. Rise Advisors LLC acquired a new stake in NOV during the 1st quarter valued at $26,000. Riverview Trust Co acquired a new stake in NOV during the 1st quarter valued at $39,000. Bruce G. Allen Investments LLC acquired a new stake in NOV during the 4th quarter valued at $49,000. Finally, GAMMA Investing LLC acquired a new stake in NOV during the 4th quarter valued at $61,000. 93.27% of the stock is owned by institutional investors.

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.