NOV (NYSE:NOV) Releases Quarterly Earnings Results, Hits Expectations

Key Points

• NOV reported quarterly EPS of $0.25, matching analysts’ consensus estimate. The company posted a 1.10% net margin and 3.44% return on equity.
• NOV shares rose to $20.56, near the upper end of their 12-month range, while the company maintained a quarterly dividend of $0.09, yielding approximately 1.8% annually.
• Analyst sentiment remains mixed but leans toward “Hold”, with five Buy, nine Hold, and two Sell ratings and a consensus price target of $21.23.

NOV (NYSE:NOV - Get Free Report) announced its quarterly earnings data on Tuesday. The oil and gas exploration company reported $0.25 EPS for the quarter, meeting the consensus estimate of $0.25, Zacks reports. NOV had a net margin of 1.10% and a return on equity of 3.44%.

NOV Stock Performance

Shares of NOV stock traded up $0.37 during mid-day trading on Tuesday, hitting $20.56. 4,632,100 shares of the stock were exchanged, compared to its average volume of 4,220,090. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42. The company has a market capitalization of $7.33 billion, a P/E ratio of 79.08 and a beta of 0.97. The company has a 50-day simple moving average of $20.03 and a 200 day simple moving average of $19.60. NOV has a 12 month low of $14.30 and a 12 month high of $21.93.

NOV Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were issued a $0.09 dividend. The ex-dividend date was Friday, September 11th. This represents a $0.36 annualized dividend and a dividend yield of 1.8%. NOV's dividend payout ratio is currently 138.46%.

Insider Activity

In related news, Director David Harrison sold 9,594 shares of NOV stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $19.21, for a total transaction of $184,300.74. Following the completion of the transaction, the director directly owned 126,763 shares of the company's stock, valued at approximately $2,435,117.23. The trade was a 7.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.15% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on NOV. Barclays dropped their price objective on NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a report on Friday, July 31st. Citigroup reduced their price target on shares of NOV from $22.00 to $21.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of NOV in a report on Monday, September 21st. Morgan Stanley set a $21.00 price objective on shares of NOV in a report on Wednesday, July 15th. Finally, Susquehanna upped their price target on NOV from $22.00 to $24.00 and gave the company a "positive" rating in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $21.23.

NOV Company Profile

NOV Inc NYSE: NOV is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.

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