FY2024 EPS Estimates for NOV Decreased by Griffin Securities

NOV Inc. (NYSE:NOV) – Equities research analysts at Griffin Securities reduced their FY2024 earnings per share estimates for NOV in a report issued on Sunday, November 10th. Griffin Securities analyst K. Simpson now expects that the oil and gas exploration company will post earnings per share of $1.57 for the year, down from their previous estimate of $1.71. The consensus estimate for NOV’s current full-year earnings is $1.59 per share.

A number of other equities analysts also recently commented on NOV. Bank of America dropped their target price on shares of NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. TD Cowen dropped their price objective on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 target price on shares of NOV in a report on Monday, July 29th. BMO Capital Markets cut their price target on NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research note on Thursday, October 10th. Finally, Evercore ISI upgraded NOV to a “strong-buy” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $21.64.

NOV Trading Down 0.2 %

NYSE NOV opened at $16.21 on Wednesday. The stock has a market cap of $6.31 billion, a PE ratio of 5.98, a PEG ratio of 0.96 and a beta of 1.66. NOV has a 12 month low of $14.98 and a 12 month high of $21.23. The company’s 50-day moving average price is $16.02 and its 200-day moving average price is $17.54. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26.

Institutional Trading of NOV

A number of institutional investors have recently made changes to their positions in the business. Rothschild Investment LLC purchased a new stake in NOV in the second quarter valued at about $28,000. American National Bank & Trust purchased a new position in shares of NOV in the 3rd quarter valued at approximately $39,000. International Assets Investment Management LLC boosted its stake in NOV by 1,590.1% in the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock worth $46,000 after purchasing an additional 2,735 shares in the last quarter. Brooklyn Investment Group acquired a new stake in NOV in the 3rd quarter worth approximately $48,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in NOV during the 2nd quarter worth approximately $78,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.85%. 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.