NOV (NYSE:NOV) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

NOV (NYSE:NOV) posted its earnings results on Thursday. The oil and gas exploration company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.03, Briefing.com reports. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. NOV had a net margin of 11.23% and a return on equity of 10.45%. NOV’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 EPS.

NOV Stock Performance

Shares of NOV stock opened at $18.87 on Friday. The business has a 50-day simple moving average of $18.60 and a 200-day simple moving average of $19.16. The company has a market cap of $7.46 billion, a PE ratio of 7.58, a P/E/G ratio of 0.82 and a beta of 1.74. NOV has a one year low of $14.05 and a one year high of $21.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.51 and a current ratio of 2.40.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend was Wednesday, March 13th. NOV’s payout ratio is presently 8.03%.

Insider Buying and Selling

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total value of $61,005.00. Following the sale, the chief accounting officer now directly owns 114,212 shares of the company’s stock, valued at approximately $1,990,715.16. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.85% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NOV. StockNews.com upgraded NOV from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. Stifel Nicolaus decreased their target price on shares of NOV from $28.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. Susquehanna reiterated a “positive” rating and set a $26.00 price target on shares of NOV in a research report on Monday, April 8th. Piper Sandler reduced their price target on shares of NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 20th. Finally, TD Cowen dropped their target price on shares of NOV from $31.00 to $30.00 and set an “outperform” rating for the company in a report on Monday, February 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $24.36.

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.