NOV (NYSE:NOV) Shares Gap Up Following Earnings Beat

NOV Inc. (NYSE:NOV) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $18.67, but opened at $20.69. NOV shares last traded at $20.18, with a volume of 1,019,147 shares changing hands.

The oil and gas exploration company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. NOV had a return on equity of 10.21% and a net margin of 11.23%. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the company earned $0.39 EPS. The company’s quarterly revenue was up 5.9% compared to the same quarter last year.

NOV Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.075 dividend. The ex-dividend date of this dividend was Friday, June 14th. This is a positive change from NOV’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.49%. NOV’s payout ratio is currently 12.05%.

Wall Street Analyst Weigh In

A number of research firms have commented on NOV. Bank of America cut their target price on shares of NOV from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, July 15th. TD Cowen lowered their target price on NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Susquehanna reaffirmed a “positive” rating and set a $26.00 price target on shares of NOV in a research report on Monday, April 8th. Finally, Piper Sandler dropped their price objective on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $24.07.

Institutional Investors Weigh In On NOV

A number of institutional investors have recently added to or reduced their stakes in the stock. Boston Partners bought a new stake in shares of NOV in the first quarter worth about $119,686,000. Balyasny Asset Management L.P. boosted its position in shares of NOV by 769.1% during 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 acquiring an additional 5,456,581 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of NOV by 67.2% in the second quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company’s stock valued at $188,749,000 after purchasing an additional 3,989,095 shares in the last quarter. Pzena Investment Management LLC increased its position in 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. Finally, SG Americas Securities LLC raised its stake in NOV by 779.9% during the first quarter. SG Americas Securities LLC now owns 858,823 shares of the oil and gas exploration company’s stock valued at $16,764,000 after purchasing an additional 761,219 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Stock Up 7.6 %

The business’s 50 day simple moving average is $18.36 and its 200 day simple moving average is $18.62. The company has a current ratio of 2.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $7.94 billion, a PE ratio of 8.10, a PEG ratio of 0.57 and a beta of 1.70.

NOV Company Profile

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.