NOV Inc. (NYSE:NOV) Expected to Earn FY2024 Earnings of $1.50 Per Share

NOV Inc. (NYSE:NOV - Free Report) - Investment analysts at Zacks Research raised their FY2024 earnings per share (EPS) estimates for shares of NOV in a report issued on Monday, May 13th. Zacks Research analyst N. Choudhury now expects that the oil and gas exploration company will post earnings of $1.50 per share for the year, up from their prior forecast of $1.48. The consensus estimate for NOV's current full-year earnings is $1.55 per share. Zacks Research also issued estimates for NOV's Q4 2024 earnings at $0.46 EPS.

A number of other research firms also recently issued reports on NOV. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $24.00 price objective on shares of NOV in a report on Tuesday, February 6th. TD Cowen reduced their price objective on shares of NOV from $27.00 to $26.00 and set a "buy" rating for the company in a research report on Monday, April 29th. Stifel Nicolaus dropped their target price on shares of NOV from $28.00 to $26.00 and set a "buy" rating on the stock in a research report on Monday, February 5th. Piper Sandler cut their target price on NOV from $25.00 to $22.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 20th. Finally, Raymond James decreased their price target on NOV from $28.00 to $25.00 and set an "outperform" rating for the company in a research report on Monday, February 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, NOV currently has an average rating of "Hold" and a consensus price target of $24.07.

NOV Stock Down 0.3 %

Shares of NOV stock traded down $0.06 during trading hours on Wednesday, reaching $18.84. The company's stock had a trading volume of 2,264,414 shares, compared to its average volume of 4,114,864. The company has a market capitalization of $7.45 billion, a P/E ratio of 7.57, a P/E/G ratio of 0.80 and a beta of 1.74. The stock's fifty day simple moving average is $19.04 and its two-hundred day simple moving average is $19.04. 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.

NOV (NYSE:NOV - Get Free Report) last issued its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 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 business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same period in the previous year, the company posted $0.32 EPS. The firm's revenue was up 9.8% compared to the same quarter last year.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.06%. The ex-dividend date was Wednesday, March 13th. NOV's payout ratio is 8.03%.

Insider Activity

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the firm's stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $17.43, for a total value of $61,005.00. Following the sale, 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 SEC, which is accessible through this hyperlink. Company insiders own 1.85% of the company's stock.

Hedge Funds Weigh In On NOV

Large investors have recently modified their holdings of the company. Balyasny Asset Management L.P. increased its holdings in shares of NOV by 769.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company's stock worth $125,048,000 after buying an additional 5,456,581 shares during the period. FMR LLC boosted its stake in shares of NOV by 30.9% during the third 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. Pzena Investment Management LLC grew its holdings in shares of NOV by 12.7% in the first quarter. Pzena Investment Management LLC now owns 35,072,648 shares of the oil and gas exploration company's stock worth $684,618,000 after purchasing an additional 3,946,504 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of NOV by 779.9% in the first quarter. SG Americas Securities LLC now owns 858,823 shares of the oil and gas exploration company's stock worth $16,764,000 after buying an additional 761,219 shares during the period. Finally, Schroder Investment Management Group purchased a new stake in NOV during the 3rd quarter valued at $13,329,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.