Griffin Securities Has Negative Outlook of NOV Q4 Earnings

NOV Inc. (NYSE:NOV) – Research analysts at Griffin Securities cut their Q4 2024 earnings per share estimates for NOV in a research report issued to clients and investors on Sunday, November 10th. Griffin Securities analyst K. Simpson now anticipates that the oil and gas exploration company will post earnings per share of $0.37 for the quarter, down from their previous forecast of $0.47. The consensus estimate for NOV’s current full-year earnings is $1.61 per share. Griffin Securities also issued estimates for NOV’s Q1 2025 earnings at $0.33 EPS, Q2 2025 earnings at $0.41 EPS, Q3 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.52 EPS and FY2025 earnings at $1.70 EPS.

NOV has been the topic of several other research reports. Susquehanna decreased their price objective on NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a research note on Monday, October 28th. Evercore ISI raised NOV to a “strong-buy” rating in a research note on Friday, July 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 target price on shares of NOV in a research report on Monday, July 29th. Wells Fargo & Company cut their target price on NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a research report on Monday, November 4th. Finally, Benchmark reiterated a “hold” rating on shares of NOV in a research report on Friday, July 26th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $21.64.

NOV Stock Up 0.1 %

NYSE NOV opened at $16.55 on Tuesday. The stock’s 50-day moving average price is $16.05 and its 200-day moving average price is $17.56. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. NOV has a 52 week low of $14.98 and a 52 week high of $21.23. The company has a market capitalization of $6.44 billion, a P/E ratio of 6.11, a price-to-earnings-growth ratio of 0.93 and a beta of 1.66.

Hedge Funds Weigh In On NOV

Several institutional investors have recently added to or reduced their stakes in the company. Pzena Investment Management LLC lifted its stake in shares of NOV by 22.3% in the 3rd quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company’s stock valued at $687,143,000 after purchasing an additional 7,851,220 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of NOV by 40.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock valued at $230,743,000 after purchasing an additional 3,470,860 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of NOV by 67.2% in 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. Boston Partners bought a new stake in shares of NOV in the 1st quarter valued at approximately $119,686,000. Finally, AQR Capital Management LLC lifted its stake in shares of NOV by 232.6% in the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock valued at $92,938,000 after purchasing an additional 3,418,885 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.81%. The ex-dividend date was Friday, September 13th. NOV’s dividend payout ratio is presently 11.07%.

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.