Griffin Securities Issues Negative Forecast for NOV Earnings

NOV Inc. (NYSE:NOV) – Equities researchers at Griffin Securities lowered their FY2024 earnings per share (EPS) estimates for shares of NOV in a report issued on Sunday, November 10th. Griffin Securities analyst K. Simpson now expects that the oil and gas exploration company will post earnings per share of $1.57 for the year, down from their previous forecast of $1.71. The consensus estimate for NOV’s current full-year earnings is $1.59 per share.

A number of other brokerages have also commented on NOV. Wells Fargo & Company decreased their price target on shares of NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a research note on Monday, November 4th. Evercore ISI raised NOV to a “strong-buy” rating in a research report on Friday, July 26th. Stifel Nicolaus dropped their price target on NOV from $25.00 to $24.00 and set a “buy” rating for the company in a report on Monday, October 28th. Benchmark reaffirmed a “hold” rating on shares of NOV in a report on Friday, July 26th. Finally, Morgan Stanley lowered their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, NOV currently has a consensus rating of “Hold” and an average price target of $21.64.

NOV Price Performance

Shares of NOV opened at $16.24 on Wednesday. The company’s 50-day moving average is $16.03 and its 200-day moving average is $17.55. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.57 and a quick ratio of 1.65. The firm has a market capitalization of $6.32 billion, a PE ratio of 5.99, a PEG ratio of 0.96 and a beta of 1.66. NOV has a fifty-two week low of $14.98 and a fifty-two week high of $21.23.

Institutional Trading of NOV

Several large investors have recently made changes to their positions in the company. Rothschild Investment LLC bought a new stake in NOV during the second quarter worth $28,000. American National Bank & Trust bought a new stake in shares of NOV during the 3rd quarter worth $39,000. International Assets Investment Management LLC boosted its stake in NOV by 1,590.1% in the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after buying an additional 2,735 shares in the last quarter. Brooklyn Investment Group bought a new position in NOV in the third quarter valued at about $48,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in NOV in the second quarter valued at about $78,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.