Seaport Res Ptn Analysts Decrease Earnings Estimates for NOV Inc. (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Investment analysts at Seaport Res Ptn reduced their Q2 2024 EPS estimates for shares of NOV in a research report issued to clients and investors on Sunday, April 28th. Seaport Res Ptn analyst T. Curran now forecasts that the oil and gas exploration company will earn $0.38 per share for the quarter, down from their prior forecast of $0.40. The consensus estimate for NOV’s current full-year earnings is $1.52 per share. Seaport Res Ptn also issued estimates for NOV’s FY2024 earnings at $1.65 EPS, Q1 2025 earnings at $0.44 EPS, Q2 2025 earnings at $0.51 EPS, Q3 2025 earnings at $0.60 EPS and FY2025 earnings at $2.16 EPS.

Several other analysts also recently issued reports on the stock. TD Cowen reduced their price target on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday. Piper Sandler decreased their price objective on NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 20th. Stifel Nicolaus cut their target price on shares of NOV from $28.00 to $26.00 and set a “buy” rating for the company in a research note on Monday, February 5th. StockNews.com raised shares of NOV from a “sell” rating to a “hold” rating in a research note on Wednesday, January 31st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $24.00 price objective on shares of NOV in a research report on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $24.07.

NOV Stock Up 2.5 %

NOV opened at $19.34 on Tuesday. NOV has a one year low of $14.05 and a one year high of $21.91. The company has a market cap of $7.65 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 0.82 and a beta of 1.74. The business’s fifty day moving average is $18.64 and its two-hundred day moving average is $19.15. 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) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.03. The company 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 company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.32 EPS.

NOV Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a $0.05 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.03%. NOV’s dividend payout ratio (DPR) is presently 8.03%.

Insider Buying and Selling

In related news, CAO Christy Lynn Novak sold 3,500 shares of the 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 completion of the transaction, the chief accounting officer now owns 114,212 shares of the company’s stock, valued at $1,990,715.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.85% of the stock is currently owned by insiders.

Institutional Trading of NOV

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CENTRAL TRUST Co grew its position in NOV by 85.4% in the 3rd quarter. CENTRAL TRUST Co now owns 1,259 shares of the oil and gas exploration company’s stock worth $26,000 after purchasing an additional 580 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of NOV during the first quarter worth approximately $26,000. Riverview Trust Co acquired a new stake in NOV in the 1st quarter valued at approximately $39,000. Bruce G. Allen Investments LLC acquired a new position in NOV during the 4th quarter worth $49,000. Finally, GAMMA Investing LLC bought a new stake in shares of NOV during the fourth quarter valued at about $61,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

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.