NOV (NYSE:NOV) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

by · The Markets Daily

NOV (NYSE:NOV – Get Free Report) posted its earnings results on Thursday. The oil and gas exploration company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02), reports. NOV had a net margin of 11.88% and a return on equity of 10.97%. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.23 billion. NOV updated its Q4 2024 guidance to EPS.

NOV Stock Performance

Shares of NOV stock opened at $15.72 on Friday. 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 stock has a 50 day simple moving average of $16.50 and a 200-day simple moving average of $17.84. The company has a market cap of $6.19 billion, a price-to-earnings ratio of 5.89, a price-to-earnings-growth ratio of 0.89 and a beta of 1.67. NOV has a 12-month low of $14.98 and a 12-month high of $21.23.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Friday, September 13th. NOV’s dividend payout ratio is presently 11.24%.

Institutional Trading of NOV

A number of institutional investors have recently modified their holdings of the business. Pzena Investment Management LLC grew its stake in shares of NOV by 0.3% during the 2nd quarter. Pzena Investment Management LLC now owns 35,175,886 shares of the oil and gas exploration company’s stock worth $668,694,000 after purchasing an additional 103,238 shares during the period. Dimensional Fund Advisors LP grew its position in NOV by 40.0% during the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock worth $230,743,000 after buying an additional 3,470,860 shares during the period. Bank of New York Mellon Corp increased its holdings in 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 buying an additional 3,989,095 shares in the last quarter. Boston Partners acquired a new stake in shares of NOV during the 1st quarter valued at approximately $119,686,000. Finally, AQR Capital Management LLC lifted its position in shares of NOV by 232.6% during the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock valued at $92,938,000 after acquiring an additional 3,418,885 shares during the period. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NOV. JPMorgan Chase & Co. dropped their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Citigroup cut their price target on NOV from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, October 3rd. Wells Fargo & Company downgraded NOV from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $20.00 to $16.00 in a report on Wednesday, September 25th. Bank of America cut their target price on shares of NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Finally, Piper Sandler decreased their price target on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NOV currently has a consensus rating of “Moderate Buy” and an average target price of $22.57.

Get Our Latest Analysis on NOV

About NOV

(Get Free Report)

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.

Recommended Stories