NOV Inc. to Post Q3 2024 Earnings of $0.42 Per Share, Seaport Res Ptn Forecasts (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Analysts at Seaport Res Ptn decreased their Q3 2024 EPS estimates for shares of NOV in a research note issued to investors on Tuesday, October 1st. Seaport Res Ptn analyst T. Curran now anticipates that the oil and gas exploration company will post earnings per share of $0.42 for the quarter, down from their prior forecast of $0.47. The consensus estimate for NOV’s current full-year earnings is $1.63 per share. Seaport Res Ptn also issued estimates for NOV’s Q4 2024 earnings at $0.55 EPS, FY2024 earnings at $1.84 EPS, Q1 2025 earnings at $0.49 EPS, Q2 2025 earnings at $0.55 EPS, Q3 2025 earnings at $0.63 EPS, Q4 2025 earnings at $0.65 EPS and FY2025 earnings at $2.32 EPS.

NOV (NYSE:NOV) last released its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the company earned $0.39 earnings per share. The firm’s quarterly revenue was up 5.9% on a year-over-year basis.

NOV has been the subject of several other reports. Barclays boosted their target price on shares of NOV from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. TD Cowen boosted their target price on shares of NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Wells Fargo & Company lowered shares of NOV from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $20.00 to $16.00 in a research report on Wednesday, September 25th. 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. Finally, Citigroup cut their target price on shares of NOV from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday. Two analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.54.

NOV Stock Performance

Shares of NYSE NOV opened at $16.60 on Thursday. The firm has a 50 day moving average of $17.36 and a 200 day moving average of $18.26. The company has a current ratio of 2.61, a quick ratio of 1.64 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of 6.66, a price-to-earnings-growth ratio of 0.50 and a beta of 1.67. NOV has a 12-month low of $15.47 and a 12-month high of $21.53.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.81%. The ex-dividend date was Friday, September 13th. NOV’s dividend payout ratio is currently 12.05%.

Institutional Investors Weigh In On NOV

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wedmont Private Capital raised its stake in shares of NOV by 5.2% in the first quarter. Wedmont Private Capital now owns 12,992 shares of the oil and gas exploration company’s stock valued at $263,000 after acquiring an additional 643 shares during the period. Mather Group LLC. grew its holdings in shares of NOV by 17.2% in the second quarter. Mather Group LLC. now owns 5,706 shares of the oil and gas exploration company’s stock worth $111,000 after purchasing an additional 839 shares during the last quarter. GAMMA Investing LLC grew its holdings in NOV by 18.2% during the 2nd quarter. GAMMA Investing LLC now owns 5,496 shares of the oil and gas exploration company’s stock worth $104,000 after acquiring an additional 848 shares in the last quarter. Quadrature Capital Ltd grew its holdings in NOV by 3.1% during the 1st quarter. Quadrature Capital Ltd now owns 29,481 shares of the oil and gas exploration company’s stock worth $576,000 after acquiring an additional 889 shares in the last quarter. Finally, Truist Financial Corp grew its holdings in NOV by 3.4% during the 2nd quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock worth $565,000 after acquiring an additional 991 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

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.