Q2 2024 EPS Estimates for NOV Inc. (NYSE:NOV) Decreased by Analyst

NOV Inc. (NYSE:NOV - Free Report) - Research analysts at Seaport Res Ptn dropped their Q2 2024 earnings per share estimates for shares of NOV in a research note issued on Sunday, April 28th. Seaport Res Ptn analyst T. Curran now forecasts that the oil and gas exploration company will post earnings of $0.38 per share for the quarter, down from their previous estimate of $0.40. The consensus estimate for NOV's current full-year earnings is $1.52 per share. Seaport Res Ptn also issued estimates for NOV's FY2024 earnings at $1.65 EPS, Q1 2025 earnings at $0.44 EPS, Q2 2025 earnings at $0.51 EPS, Q3 2025 earnings at $0.60 EPS and FY2025 earnings at $2.16 EPS.

NOV (NYSE:NOV - Get Free Report) last announced its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.03. NOV had a return on equity of 10.21% and a net margin of 11.23%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period in the prior year, the company posted $0.32 EPS. NOV's quarterly revenue was up 9.8% on a year-over-year basis.

NOV has been the subject of a number of other reports. Benchmark downgraded NOV from a "buy" rating to a "hold" rating in a research note on Tuesday, January 16th. Piper Sandler lowered their price objective on NOV from $25.00 to $22.00 and set a "neutral" rating for the company in a research note on Tuesday, February 20th. Stifel Nicolaus lowered their price objective on NOV from $28.00 to $26.00 and set a "buy" rating for the company in a research note on Monday, February 5th. StockNews.com upgraded NOV from a "sell" rating to a "hold" rating in a research note on Wednesday, January 31st. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $24.00 price objective on shares of NOV in a research note on Tuesday, February 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $24.07.

NOV Stock Performance

Shares of NYSE NOV traded down $0.87 during trading on Tuesday, reaching $18.48. The stock had a trading volume of 3,719,397 shares, compared to its average volume of 4,364,798. NOV has a one year low of $14.05 and a one year high of $21.91. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50. The stock has a market cap of $7.31 billion, a PE ratio of 7.42, a P/E/G ratio of 0.82 and a beta of 1.74. The firm's 50 day moving average price is $18.64 and its two-hundred day moving average price is $19.15.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Privium Fund Management B.V. increased its position in NOV by 24.6% in the 1st quarter. Privium Fund Management B.V. now owns 44,619 shares of the oil and gas exploration company's stock worth $871,000 after purchasing an additional 8,800 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of NOV by 1.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,883,885 shares of the oil and gas exploration company's stock valued at $75,813,000 after acquiring an additional 42,717 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of NOV by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,483,554 shares of the oil and gas exploration company's stock valued at $28,959,000 after acquiring an additional 37,361 shares in the last quarter. SYSTM Wealth Solutions LLC bought a new position in shares of NOV in the 1st quarter valued at approximately $78,000. Finally, New York State Teachers Retirement System raised its stake in shares of NOV by 5.4% in the 1st quarter. New York State Teachers Retirement System now owns 543,884 shares of the oil and gas exploration company's stock valued at $10,617,000 after acquiring an additional 27,986 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Christy Lynn Novak sold 3,500 shares of the company's stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $17.43, for a total transaction of $61,005.00. Following the transaction, the chief accounting officer now directly owns 114,212 shares of the company's stock, valued at $1,990,715.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.85% of the stock is currently owned by company insiders.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend was Wednesday, March 13th. NOV's dividend payout ratio is 8.03%.

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.