Atb Cap Markets Weighs in on NOV Inc.’s Q3 2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Equities researchers at Atb Cap Markets reduced their Q3 2024 earnings per share estimates for NOV in a research note issued on Tuesday, October 1st. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas exploration company will post earnings of $0.30 per share for the quarter, down from their prior forecast of $0.34. The consensus estimate for NOV’s current full-year earnings is $1.63 per share. Atb Cap Markets also issued estimates for NOV’s Q4 2024 earnings at $0.32 EPS, Q3 2025 earnings at $0.41 EPS and Q3 2026 earnings at $0.48 EPS.

A number of other brokerages have also commented 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 Monday, July 29th. Barclays raised their price target on shares of NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. TD Cowen upped their price objective on shares of NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Morgan Stanley decreased their target price on shares of NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Piper Sandler lowered their price target on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

NOV Stock Performance

Shares of NOV stock opened at $16.12 on Thursday. The stock has a market cap of $6.37 billion, a PE ratio of 6.47, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67. NOV has a 12 month low of $15.47 and a 12 month high of $21.53. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $17.41 and a 200-day simple moving average of $18.28.

NOV (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NOV. Wedmont Private Capital grew its holdings in NOV by 5.2% during the first quarter. Wedmont Private Capital now owns 12,992 shares of the oil and gas exploration company’s stock valued at $263,000 after purchasing an additional 643 shares during the last quarter. Mather Group LLC. raised its holdings in NOV by 17.2% in the 2nd quarter. Mather Group LLC. now owns 5,706 shares of the oil and gas exploration company’s stock worth $111,000 after acquiring an additional 839 shares during the period. GAMMA Investing LLC lifted its position in NOV by 18.2% during the 2nd quarter. GAMMA Investing LLC now owns 5,496 shares of the oil and gas exploration company’s stock worth $104,000 after acquiring an additional 848 shares during the last quarter. Quadrature Capital Ltd boosted its holdings in NOV by 3.1% during the first quarter. Quadrature Capital Ltd now owns 29,481 shares of the oil and gas exploration company’s stock valued at $576,000 after acquiring an additional 889 shares during the period. Finally, Truist Financial Corp grew its position in shares of NOV by 3.4% in the second quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock valued at $565,000 after purchasing an additional 991 shares during the last quarter. 93.27% of the stock is owned by institutional investors.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a dividend of $0.075 per share. The ex-dividend date was Friday, September 13th. This represents a $0.30 annualized dividend and a dividend yield of 1.86%. NOV’s dividend payout ratio (DPR) is presently 12.05%.

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.