What is Zacks Research’s Forecast for NOV FY2024 Earnings?

NOV Inc. (NYSE:NOV) – Equities research analysts at Zacks Research decreased their FY2024 earnings per share (EPS) estimates for NOV in a research report issued to clients and investors on Thursday, November 14th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas exploration company will earn $1.53 per share for the year, down from their prior forecast of $1.58. The consensus estimate for NOV’s current full-year earnings is $1.59 per share. Zacks Research also issued estimates for NOV’s Q4 2024 earnings at $0.33 EPS, Q1 2025 earnings at $0.30 EPS, Q2 2025 earnings at $0.38 EPS, Q4 2025 earnings at $0.40 EPS, FY2025 earnings at $1.47 EPS, Q1 2026 earnings at $0.31 EPS, Q2 2026 earnings at $0.42 EPS, Q3 2026 earnings at $0.41 EPS and FY2026 earnings at $1.60 EPS.

Several other brokerages have also recently weighed in on NOV. TD Cowen lowered their price target on shares of NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. Benchmark reiterated 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 report on Friday, July 26th. Wells Fargo & Company decreased their price objective on NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a report on Monday, November 4th. Finally, Citigroup lowered NOV from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $21.00 to $18.00 in a research report on Monday, November 11th. Two 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 a consensus rating of “Hold” and a consensus price target of $21.64.

NOV Stock Performance

Shares of NOV stock opened at $16.00 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. The business’s 50 day moving average price is $16.01 and its 200 day moving average price is $17.49. The company has a market cap of $6.23 billion, a price-to-earnings ratio of 5.90, a PEG ratio of 0.92 and a beta of 1.66. NOV has a one year low of $14.98 and a one year high of $21.23.

Institutional Trading of NOV

A number of large investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC increased its holdings in NOV by 41.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,223 shares of the oil and gas exploration company’s stock worth $375,000 after purchasing an additional 5,646 shares during the period. State Board of Administration of Florida Retirement System increased its stake in shares of NOV by 0.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 449,923 shares of the oil and gas exploration company’s stock worth $8,328,000 after buying an additional 3,535 shares during the period. Edgestream Partners L.P. acquired a new stake in NOV in the first quarter valued at approximately $314,000. O Shaughnessy Asset Management LLC purchased a new position in NOV in the first quarter worth approximately $277,000. Finally, Delta Asset Management LLC TN grew its holdings in NOV by 2.3% during the 1st quarter. Delta Asset Management LLC TN now owns 170,270 shares of the oil and gas exploration company’s stock worth $3,324,000 after acquiring an additional 3,889 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a $0.075 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.30 annualized dividend and a dividend yield of 1.88%. NOV’s dividend payout ratio (DPR) is 11.07%.

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.