NOV (NYSE:NOV) Releases Quarterly Earnings Results

NOV (NYSE:NOVGet Free Report) posted its quarterly earnings results on Friday. The oil and gas exploration company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $1.10, RTT News reports. The firm had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.26 billion. NOV had a net margin of 11.57% and a return on equity of 11.18%. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. NOV updated its FY 2024 guidance to EPS.

NOV Price Performance

NOV traded down $2.23 on Friday, reaching $17.62. The company had a trading volume of 14,725,590 shares, compared to its average volume of 3,881,232. The company has a fifty day moving average of $19.74 and a 200-day moving average of $19.97. The company has a market capitalization of $6.94 billion, a P/E ratio of 7.02, a PEG ratio of 0.29 and a beta of 1.77. The company has a current ratio of 2.39, a quick ratio of 1.43 and a debt-to-equity ratio of 0.31. NOV has a one year low of $14.05 and a one year high of $24.44.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 22nd. Investors of record on Friday, December 8th were given a $0.05 dividend. The ex-dividend date was Thursday, December 7th. This represents a $0.20 dividend on an annualized basis and a yield of 1.14%. NOV’s dividend payout ratio is presently 7.97%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. StockNews.com raised shares of NOV from a “sell” rating to a “hold” rating in a report on Wednesday. Morgan Stanley increased their target price on shares of NOV from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Tuesday, October 17th. Benchmark cut shares of NOV from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Barclays cut shares of NOV from an “equal weight” rating to an “underweight” rating and set a $20.00 target price on the stock. in a report on Tuesday, October 17th. Finally, Raymond James increased their target price on shares of NOV from $28.00 to $29.00 and gave the stock an “outperform” rating in a report on Monday, October 30th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $24.73.

Check Out Our Latest Report on NOV

Hedge Funds Weigh In On NOV

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd lifted its holdings in NOV by 94.4% in the 1st quarter. Covestor Ltd now owns 1,287 shares of the oil and gas exploration company’s stock valued at $25,000 after acquiring an additional 625 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in NOV in the 1st quarter valued at about $34,000. Belpointe Asset Management LLC lifted its holdings in NOV by 66.0% in the 1st quarter. Belpointe Asset Management LLC now owns 2,491 shares of the oil and gas exploration company’s stock valued at $46,000 after acquiring an additional 990 shares during the last quarter. Quarry LP acquired a new stake in NOV in the 1st quarter valued at about $53,000. 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 acquiring an additional 3,240 shares during the last quarter. Institutional investors own 93.19% of the company’s stock.

NOV Company Profile

(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 worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

Further Reading

Earnings History for NOV (NYSE:NOV)

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