NOV (NYSE:NOV) Announces Earnings Results, Hits Expectations

NOV (NYSE:NOV) issued its quarterly earnings results on Tuesday. The oil and gas exploration company reported $0.25 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.25, Zacks reports. NOV had a return on equity of 3.44% and a net margin of 1.10%.

NOV Trading Up 1.8%

NOV stock traded up $0.37 during mid-day trading on Tuesday, hitting $20.56. The company’s stock had a trading volume of 4,632,100 shares, compared to its average volume of 4,220,090. The stock’s fifty day moving average is $20.03 and its two-hundred day moving average is $19.60. The firm has a market capitalization of $7.33 billion, a PE ratio of 79.08 and a beta of 0.97. NOV has a 1 year low of $14.30 and a 1 year high of $21.93. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were issued a $0.09 dividend. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.8%. NOV’s dividend payout ratio is currently 138.46%.

Analyst Ratings Changes

NOV has been the topic of a number of research analyst reports. Citigroup lowered their target price on NOV from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, September 30th. Morgan Stanley set a $21.00 price target on shares of NOV in a report on Wednesday, July 15th. Zacks Research downgraded NOV from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 26th. Susquehanna increased their target price on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research note on Thursday, July 30th. Finally, Barclays lowered their price objective on shares of NOV from $21.00 to $20.00 and set an “underweight” rating on the stock in a research report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $21.23.

Insider Activity

In other NOV news, Director David Harrison sold 9,594 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the transaction, the director owned 126,763 shares of the company’s stock, valued at $2,435,117.23. This trade represents a 7.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.15% of the company’s stock.

NOV Company Profile

NOV Inc (NYSE: NOV) is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.