NOV Inc. to Post Q2 2024 Earnings of $0.38 Per Share, Seaport Res Ptn Forecasts (NYSE:NOV)

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

Several other analysts also recently weighed in on NOV. Royal Bank of Canada restated a “sector perform” rating and set a $24.00 price objective on shares of NOV in a research report on Tuesday, February 6th. StockNews.com raised shares of NOV from a “sell” rating to a “hold” rating in a research 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. Finally, TD Cowen decreased their target price on NOV from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Monday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, NOV currently has an average rating of “Hold” and an average target price of $24.07.

NOV Stock Performance

Shares of NOV opened at $18.48 on Tuesday. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 7.42, a price-to-earnings-growth ratio of 0.82 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. The stock has a 50 day moving average price of $18.64 and a 200 day moving average price of $19.15.

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

Institutional Investors Weigh In On NOV

Several institutional investors have recently made changes to their positions in NOV. Retirement Systems of Alabama lifted its stake in shares of NOV by 5.0% in the first quarter. Retirement Systems of Alabama now owns 968,972 shares of the oil and gas exploration company’s stock valued at $18,914,000 after purchasing an additional 45,798 shares during the period. Norden Group LLC acquired a new stake in shares of NOV during the 1st quarter valued at approximately $196,000. Privium Fund Management B.V. boosted its position in NOV by 24.6% during the first quarter. Privium Fund Management B.V. now owns 44,619 shares of the oil and gas exploration company’s stock worth $871,000 after purchasing an additional 8,800 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of NOV by 1.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company’s stock worth $75,813,000 after buying an additional 42,717 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of NOV by 2.6% in the first quarter. Principal Financial Group Inc. now owns 1,483,554 shares of the oil and gas exploration company’s stock valued at $28,959,000 after purchasing an additional 37,361 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of NOV 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 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 1.85% of the stock is currently owned by corporate insiders.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid 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 dividend yield of 1.08%. NOV’s dividend payout ratio (DPR) is 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.