NOV (NYSE:NOV) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• NOV missed Q1 EPS, reporting $0.15 versus the $0.17 consensus (a $0.02 miss); despite the shortfall shares rose about 1.6% to $20.83 and the company posted a ROE of 3.57% and a net margin of 1.66%.
• Dividend increased to $0.09 quarterly (from $0.08), implying a $0.36 annual payout and a 1.7% yield, though the payout ratio is elevated at 94.74%.
• Mixed outlook and insider activity: analysts have a consensus "Hold" with a $19.07 price target, while insiders sold large blocks in February and institutional investors own roughly 93% of the stock.

NOV (NYSE:NOV - Get Free Report) issued its quarterly earnings results on Monday. The oil and gas exploration company reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.02), Zacks reports. NOV had a return on equity of 3.57% and a net margin of 1.66%.

NOV Trading Up 1.6%

Shares of NOV stock traded up $0.33 during trading hours on Monday, hitting $20.83. The company's stock had a trading volume of 6,165,963 shares, compared to its average volume of 4,949,318. The business has a fifty day moving average of $19.34 and a 200 day moving average of $17.22. NOV has a 1-year low of $11.44 and a 1-year high of $20.93. The company has a quick ratio of 1.67, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $7.51 billion, a PE ratio of 54.83 and a beta of 0.94.

NOV Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were paid a dividend of $0.09 per share. This is an increase from NOV's previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, March 13th. NOV's payout ratio is presently 94.74%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. The Goldman Sachs Group upped their target price on NOV from $17.00 to $20.00 and gave the company a "sell" rating in a research note on Wednesday, March 4th. Morgan Stanley raised their price target on NOV from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 15th. Argus raised shares of NOV to a "hold" rating in a research note on Tuesday, February 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of NOV in a report on Friday, March 27th. Finally, Susquehanna raised their target price on shares of NOV from $21.00 to $22.00 and gave the stock a "positive" rating in a research report on Tuesday, April 7th. Three equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $19.07.

Insider Buying and Selling at NOV

In related news, VP Craig L. Weinstock sold 70,000 shares of the firm's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $20.08, for a total transaction of $1,405,600.00. Following the sale, the vice president directly owned 256,319 shares in the company, valued at approximately $5,146,885.52. This trade represents a 21.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Joseph W. Rovig sold 151,086 shares of NOV stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $20.17, for a total transaction of $3,047,404.62. Following the sale, the insider owned 269,694 shares in the company, valued at $5,439,727.98. This represents a 35.91% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NOV

Institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its position in shares of NOV by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 116,720 shares of the oil and gas exploration company's stock worth $1,547,000 after buying an additional 724 shares during the last quarter. Quadrant Capital Group LLC raised its stake in NOV by 2.6% during the third quarter. Quadrant Capital Group LLC now owns 29,023 shares of the oil and gas exploration company's stock worth $385,000 after acquiring an additional 743 shares during the period. NorthRock Partners LLC lifted its holdings in NOV by 8.2% in the third quarter. NorthRock Partners LLC now owns 11,282 shares of the oil and gas exploration company's stock worth $149,000 after acquiring an additional 854 shares during the last quarter. Summit Financial LLC boosted its stake in NOV by 1.6% in the fourth quarter. Summit Financial LLC now owns 60,711 shares of the oil and gas exploration company's stock valued at $949,000 after acquiring an additional 984 shares during the period. Finally, Meeder Advisory Services Inc. boosted its stake in NOV by 9.6% in the fourth quarter. Meeder Advisory Services Inc. now owns 12,823 shares of the oil and gas exploration company's stock valued at $200,000 after acquiring an additional 1,123 shares during the period. Institutional investors and hedge funds own 93.27% of the company's stock.

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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