Analysts Set Expectations for NOV Inc.’s Q3 2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Investment analysts at Griffin Securities dropped their Q3 2024 earnings estimates for shares of NOV in a research note issued to investors on Monday, August 12th. Griffin Securities analyst K. Simpson now anticipates that the oil and gas exploration company will post earnings per share of $0.37 for the quarter, down from their previous forecast of $0.42. The consensus estimate for NOV’s current full-year earnings is $1.61 per share. Griffin Securities also issued estimates for NOV’s Q4 2024 earnings at $0.47 EPS, FY2024 earnings at $1.71 EPS, Q1 2025 earnings at $0.41 EPS, Q2 2025 earnings at $0.43 EPS, Q3 2025 earnings at $0.46 EPS, Q4 2025 earnings at $0.55 EPS and FY2025 earnings at $1.85 EPS.

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

NOV has been the topic of several other research reports. Benchmark reiterated a “hold” rating on shares of NOV in a report on Friday, July 26th. TD Cowen increased their price target on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Bank of America cut their price target on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 price target on shares of NOV in a report on Monday, July 29th. Finally, Evercore ISI upgraded shares of NOV to a “strong-buy” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, NOV has an average rating of “Moderate Buy” and an average target price of $24.58.

NOV Price Performance

Shares of NYSE:NOV opened at $17.94 on Wednesday. NOV has a twelve month low of $16.77 and a twelve month high of $21.91. The company’s 50 day moving average is $18.46 and its 200 day moving average is $18.48. 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 company has a market cap of $7.10 billion, a PE ratio of 7.20, a price-to-earnings-growth ratio of 0.59 and a beta of 1.70.

NOV Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.67%. NOV’s dividend payout ratio is currently 12.05%.

Institutional Investors Weigh In On NOV

Institutional investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new stake in NOV in the 1st quarter valued at $26,000. Rothschild Investment LLC acquired a new stake in NOV in the 2nd quarter valued at $28,000. Riverview Trust Co purchased a new position in NOV in the 1st quarter valued at $39,000. GAMMA Investing LLC purchased a new position in NOV in the 4th quarter valued at $61,000. Finally, International Assets Investment Management LLC lifted its holdings in NOV by 1,306.5% in the 4th quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock valued at $71,000 after purchasing an additional 3,240 shares in the last quarter. Institutional investors and hedge funds 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.