Zacks Research Weighs in on NOV’s FY2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Investment analysts at Zacks Research reduced their FY2024 earnings estimates for shares of NOV in a research report issued to clients and investors on Thursday, November 14th. Zacks Research analyst N. Choudhury now expects that the oil and gas exploration company will post earnings of $1.53 per share for the year, down from their prior estimate of $1.58. The consensus estimate for NOV’s current full-year earnings is $1.59 per share. Zacks Research also issued estimates for NOV’s Q4 2024 earnings at $0.33 EPS, Q1 2025 earnings at $0.30 EPS, Q2 2025 earnings at $0.38 EPS, Q4 2025 earnings at $0.40 EPS, FY2025 earnings at $1.47 EPS, Q1 2026 earnings at $0.31 EPS, Q2 2026 earnings at $0.42 EPS, Q3 2026 earnings at $0.41 EPS and FY2026 earnings at $1.60 EPS.

A number of other research analysts have also recently weighed in on NOV. Barclays dropped their price objective on shares of NOV from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Tuesday, October 29th. Bank of America lowered their price target on shares of NOV from $22.00 to $20.00 and set a “buy” rating for the company in a report on Monday, October 14th. Wells Fargo & Company lowered their price target on shares of NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a report on Monday, November 4th. Benchmark reiterated a “hold” rating on shares of NOV in a report on Friday, July 26th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 price target on shares of NOV in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, NOV has a consensus rating of “Hold” and an average price target of $21.64.

NOV Trading Down 1.5 %

Shares of NOV stock opened at $15.97 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. The stock has a market capitalization of $6.21 billion, a P/E ratio of 5.89, a price-to-earnings-growth ratio of 0.92 and a beta of 1.66. The company has a 50 day moving average price of $16.02 and a 200 day moving average price of $17.50. NOV has a fifty-two week low of $14.98 and a fifty-two week high of $21.23.

Hedge Funds Weigh In On NOV

Hedge funds have recently added to or reduced their stakes in the business. Stanley Laman Group Ltd. acquired a new position in shares of NOV during the second quarter valued at $4,031,000. Deprince Race & Zollo Inc. raised its stake in shares of NOV by 1,194.1% during the second quarter. Deprince Race & Zollo Inc. now owns 1,706,017 shares of the oil and gas exploration company’s stock valued at $32,431,000 after purchasing an additional 1,574,188 shares in the last quarter. WINTON GROUP Ltd raised its stake in shares of NOV by 1,866.3% during the second quarter. WINTON GROUP Ltd now owns 841,078 shares of the oil and gas exploration company’s stock valued at $15,989,000 after purchasing an additional 798,303 shares in the last quarter. Canandaigua National Bank & Trust Co. bought a new stake in shares of NOV during the second quarter valued at about $1,100,000. Finally, Boston Partners bought a new stake in shares of NOV during the first quarter valued at about $119,686,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date is Friday, December 6th. NOV’s payout ratio is currently 11.07%.

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.