NOV (NYSE:NOV) Releases Earnings Results, Beats Estimates By $0.14 EPS

Key Points

• NOV reported quarterly EPS of $0.31, beating analysts’ consensus estimate of $0.17 by $0.14. The company posted a 1.05% net margin and 3.34% return on equity.
• Shares traded at approximately $19.79, near their 50-day and 200-day moving averages. Analysts maintain a consensus “Hold” rating with an average price target of $20.50, although some firms recently raised their targets.
• NOV paid a special dividend of $0.09 per share, while institutional investors own approximately 93.27% of outstanding shares.

NOV (NYSE:NOV - Get Free Report) issued its earnings results on Tuesday. The oil and gas exploration company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.14, Zacks reports. NOV had a net margin of 1.05% and a return on equity of 3.34%.

NOV Price Performance

Shares of NYSE:NOV traded down $0.68 during midday trading on Tuesday, reaching $19.79. 4,492,706 shares of the company were exchanged, compared to its average volume of 4,614,146. The stock has a market cap of $7.10 billion, a PE ratio of 82.47 and a beta of 0.91. The business's fifty day moving average is $19.73 and its two-hundred day moving average is $19.37. NOV has a one year low of $11.77 and a one year high of $21.55. The company has a current ratio of 2.47, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27.

NOV Announces Dividend

The business also recently announced a special dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a dividend of $0.09 per share. The ex-dividend date was Friday, June 12th. This represents a dividend yield of 170.0%. NOV's dividend payout ratio is currently 150.00%.

Analysts Set New Price Targets

NOV has been the topic of several recent research reports. Capital One Financial raised NOV from an "equal weight" rating to an "overweight" rating and set a $26.00 price target on the stock in a research note on Thursday, June 4th. Morgan Stanley set a $21.00 price objective on shares of NOV in a research note on Wednesday, July 15th. The Goldman Sachs Group set a $19.00 target price on NOV in a research note on Wednesday, June 3rd. Weiss Ratings reissued a "hold (c)" rating on shares of NOV in a research report on Wednesday, June 24th. Finally, Citigroup boosted their target price on shares of NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a research note on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $20.50.

Institutional Investors Weigh In On NOV

Several large investors have recently made changes to their positions in NOV. Royal Bank of Canada lifted its position in shares of NOV by 15.6% in the first quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company's stock worth $756,000 after buying an additional 6,711 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in NOV by 35.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company's stock worth $2,465,000 after acquiring an additional 42,462 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of NOV by 17.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company's stock worth $16,168,000 after acquiring an additional 157,385 shares in the last quarter. Focus Partners Wealth bought a new position in shares of NOV during the 1st quarter valued at approximately $214,000. Finally, Cetera Investment Advisers bought a new position in shares of NOV during the 2nd quarter valued at approximately $190,000. 93.27% of the stock is owned by institutional investors.

NOV Company Profile

National Oilwell Varco NYSE: NOV is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV's business is organized to serve upstream energy companies around the world.

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