Brokers Issue Forecasts for NOV’s FY2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Analysts at Seaport Res Ptn decreased their FY2024 earnings estimates for NOV in a research note issued on Sunday, January 5th. Seaport Res Ptn analyst T. Curran now anticipates that the oil and gas exploration company will post earnings per share of $1.60 for the year, down from their prior forecast of $1.84. Seaport Res Ptn has a “Hold” rating on the stock. The consensus estimate for NOV’s current full-year earnings is $1.59 per share. Seaport Res Ptn also issued estimates for NOV’s Q4 2024 earnings at $0.40 EPS, Q1 2025 earnings at $0.38 EPS, Q2 2025 earnings at $0.44 EPS, Q3 2025 earnings at $0.50 EPS, Q4 2025 earnings at $0.53 EPS and FY2025 earnings at $1.84 EPS.

Several other analysts have also issued reports on the company. Atb Cap Markets lowered NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. BMO Capital Markets dropped 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. Citigroup cut shares of NOV from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $21.00 to $18.00 in a research report on Monday, November 11th. Morgan Stanley dropped their price objective on shares of NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, Barclays reduced their target price on shares of NOV from $16.00 to $12.00 and set an “underweight” rating for the company in a report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $20.14.

NOV Trading Down 1.9 %

Shares of NYSE:NOV opened at $14.60 on Wednesday. NOV has a 52-week low of $13.94 and a 52-week high of $21.23. 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 company has a market capitalization of $5.68 billion, a P/E ratio of 5.39, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66. The company has a 50-day simple moving average of $15.38 and a 200 day simple moving average of $16.67.

Hedge Funds Weigh In On NOV

Several large investors have recently modified their holdings of the business. Quarry LP acquired a new position in shares of NOV in the 3rd quarter worth approximately $36,000. American National Bank & Trust acquired a new position in shares of NOV during the third quarter worth approximately $39,000. International Assets Investment Management LLC lifted its stake in shares of NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after buying an additional 2,735 shares in the last quarter. Brooklyn Investment Group bought a new stake in NOV during the 3rd quarter worth approximately $48,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in NOV during the second quarter worth $78,000. Institutional investors own 93.27% of the company’s stock.

Insider Activity at NOV

In related news, Director David D. Harrison sold 1,784 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the completion of the transaction, the director now owns 110,951 shares in the company, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.85% of the stock is currently owned by insiders.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a $0.075 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.05%. NOV’s payout ratio is currently 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.