Equities Analysts Issue Forecasts for NOV Inc.'s Q2 2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV - Free Report) - Atb Cap Markets decreased their Q2 2024 earnings per share (EPS) estimates for shares of NOV in a research note issued to investors on Tuesday, April 30th. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas exploration company will post earnings per share of $0.31 for the quarter, down from their previous forecast of $0.34. The consensus estimate for NOV's current full-year earnings is $1.54 per share. Atb Cap Markets also issued estimates for NOV's Q3 2024 earnings at $0.38 EPS, Q4 2024 earnings at $0.46 EPS, FY2024 earnings at $1.45 EPS and Q1 2025 earnings at $0.33 EPS.

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

Several other brokerages also recently issued reports on NOV. Susquehanna reissued a "positive" rating and set a $26.00 price target on shares of NOV in a report on Monday, April 8th. TD Cowen decreased their price target on NOV from $27.00 to $26.00 and set a "buy" rating on the stock in a research report on Monday. StockNews.com upgraded NOV from a "sell" rating to a "hold" rating in a research report on Wednesday, January 31st. Stifel Nicolaus decreased their target price on NOV from $28.00 to $26.00 and set a "buy" rating on the stock in a report on Monday, February 5th. Finally, Piper Sandler decreased their price objective on shares of NOV from $25.00 to $22.00 and set a "neutral" rating on the stock in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $24.07.

NOV Price Performance

NYSE:NOV traded up $0.18 during trading hours on Thursday, reaching $18.56. The company had a trading volume of 1,843,248 shares, compared to its average volume of 4,322,632. The firm has a market capitalization of $7.34 billion, a PE ratio of 7.45, a PEG ratio of 0.79 and a beta of 1.74. The stock has a 50-day moving average of $18.69 and a two-hundred day moving average of $19.13. NOV has a one year low of $14.05 and a one year high of $21.91. The company has a quick ratio of 1.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.28.

Institutional Trading of NOV

Large investors have recently bought and sold shares of the business. FMR LLC raised its stake in shares of NOV by 30.9% in the 3rd quarter. FMR LLC now owns 18,514,921 shares of the oil and gas exploration company's stock valued at $386,962,000 after purchasing an additional 4,369,540 shares during the period. Balyasny Asset Management L.P. raised its position in NOV by 769.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company's stock valued at $125,048,000 after buying an additional 5,456,581 shares during the last quarter. Van ECK Associates Corp lifted its stake in NOV by 4.2% in the 4th quarter. Van ECK Associates Corp now owns 5,687,556 shares of the oil and gas exploration company's stock valued at $115,343,000 after acquiring an additional 231,464 shares in the last quarter. Earnest Partners LLC lifted its stake in NOV by 4.5% in the 3rd quarter. Earnest Partners LLC now owns 4,143,782 shares of the oil and gas exploration company's stock valued at $86,605,000 after acquiring an additional 178,375 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of NOV by 2.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,018,909 shares of the oil and gas exploration company's stock worth $83,995,000 after acquiring an additional 86,431 shares in the last quarter. 93.27% of the stock is owned by institutional investors.

Insider Transactions at NOV

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

NOV Dividend Announcement

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