NOV (NYSE:NOV) Issues Earnings Results

Key Points

• NOV reported an earnings per share (EPS) of $0.29, missing analysts' expectations of $0.31 by $0.02.
• The company's stock price increased by 1.5% following the earnings announcement, with shares trading at $14.18.
• NOV declared a dividend of $0.21 per share, representing a 3.63% dividend yield and a payout ratio of 20%.

NOV (NYSE:NOV - Get Free Report) issued its quarterly earnings data on Monday. The oil and gas exploration company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01), Zacks reports. NOV had a net margin of 6.68% and a return on equity of 9.11%. NOV's quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 earnings per share.

NOV Stock Up 1.5%

Shares of NOV stock traded up $0.21 on Monday, hitting $14.18. The stock had a trading volume of 6,358,524 shares, compared to its average volume of 4,341,585. The business has a 50 day moving average of $13.01 and a 200 day moving average of $13.64. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.65 and a quick ratio of 1.76. NOV has a 12-month low of $10.84 and a 12-month high of $21.20. The stock has a market cap of $5.33 billion, a price-to-earnings ratio of 9.45, a price-to-earnings-growth ratio of 3.56 and a beta of 1.28.

NOV Announces Dividend

The business also recently announced a dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, June 3rd were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a dividend yield of 3.63%. NOV's dividend payout ratio is presently 20.00%.

Institutional Investors Weigh In On NOV

Large investors have recently made changes to their positions in the business. Royal Bank of Canada raised its position in 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 acquiring an additional 6,711 shares during the period. Focus Partners Wealth purchased a new position in NOV in the first quarter valued at approximately $214,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in NOV by 35.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company's stock valued at $2,465,000 after purchasing an additional 42,462 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in NOV by 17.4% in the first 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 buying an additional 157,385 shares during the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Piper Sandler lowered their target price on NOV from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Susquehanna dropped their price objective on shares of NOV from $19.00 to $18.00 and set a "positive" rating for the company in a research note on Tuesday, July 1st. Morgan Stanley decreased their target price on shares of NOV from $18.00 to $15.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. The Goldman Sachs Group dropped their price target on shares of NOV from $16.00 to $13.00 and set a "sell" rating for the company in a research report on Thursday, April 10th. Finally, Wells Fargo & Company dropped their price objective on NOV from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Thursday, June 5th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, NOV has an average rating of "Hold" and a consensus target price of $17.31.

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.