Q3 2024 EPS Estimates for NOV Inc. Lowered by Analyst (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Investment analysts at Seaport Res Ptn lowered their Q3 2024 earnings per share estimates for shares of NOV in a note issued to investors on Tuesday, October 1st. Seaport Res Ptn analyst T. Curran now forecasts that the oil and gas exploration company will earn $0.42 per share for the quarter, down from their previous forecast of $0.47. The consensus estimate for NOV’s current full-year earnings is $1.63 per share. Seaport Res Ptn also issued estimates for NOV’s Q4 2024 earnings at $0.55 EPS, FY2024 earnings at $1.84 EPS, Q1 2025 earnings at $0.49 EPS, Q2 2025 earnings at $0.55 EPS, Q3 2025 earnings at $0.63 EPS, Q4 2025 earnings at $0.65 EPS and FY2025 earnings at $2.32 EPS.

Several other research analysts also recently commented on NOV. Benchmark restated a “hold” rating on shares of NOV in a report on Friday, July 26th. Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a research note on Friday, July 26th. Barclays lifted their price target on NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Morgan Stanley decreased their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Wells Fargo & Company lowered NOV from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $20.00 to $16.00 in a research note on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.00.

NOV Price Performance

NOV stock opened at $16.12 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The stock has a market cap of $6.37 billion, a price-to-earnings ratio of 6.47, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67. The firm has a 50-day moving average of $17.41 and a two-hundred day moving average of $18.28. NOV has a 1 year low of $15.47 and a 1 year high of $21.53.

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

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued 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 currently 12.05%.

Institutional Trading of NOV

Institutional investors have recently bought and sold shares of the stock. Boston Partners acquired a new stake in shares of NOV during the first quarter worth $119,686,000. Balyasny Asset Management L.P. lifted its position in NOV by 769.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock worth $125,048,000 after acquiring an additional 5,456,581 shares during the period. Bank of New York Mellon Corp grew its stake 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 valued at $188,749,000 after purchasing an additional 3,989,095 shares during the last quarter. Pzena Investment Management LLC increased its holdings in shares of NOV by 12.7% in the first quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company’s stock valued at $684,618,000 after purchasing an additional 3,946,504 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake 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 worth $230,743,000 after purchasing an additional 3,470,860 shares during the last quarter. 93.27% of the stock is currently 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.