Atb Cap Markets Comments on NOV Inc.’s Q2 2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV) – Equities research analysts at Atb Cap Markets reduced their Q2 2024 earnings estimates for shares of NOV in a research report issued on Tuesday, April 30th. Atb Cap Markets analyst W. Syed now forecasts that the oil and gas exploration company will earn $0.31 per share for the quarter, down from their prior forecast of $0.34. The consensus estimate for NOV’s current full-year earnings is $1.54 per share. Atb Cap Markets also issued estimates for NOV’s Q3 2024 earnings at $0.38 EPS, Q4 2024 earnings at $0.46 EPS, FY2024 earnings at $1.45 EPS and Q1 2025 earnings at $0.33 EPS.

Other equities research analysts have also recently issued research reports about the stock. Benchmark cut shares of NOV from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. TD Cowen reduced their price target on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday. Piper Sandler decreased their price objective 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. Susquehanna restated a “positive” rating and set a $26.00 target price on shares of NOV in a research note on Monday, April 8th. Finally, StockNews.com upgraded NOV from a “sell” rating to a “hold” rating in a research note on Wednesday, January 31st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $24.07.

NOV Stock Performance

NYSE:NOV opened at $18.38 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50. NOV has a fifty-two week low of $14.05 and a fifty-two week high of $21.91. The company has a market cap of $7.27 billion, a price-to-earnings ratio of 7.38, a PEG ratio of 0.79 and a beta of 1.74. The stock has a fifty day moving average price of $18.67 and a 200-day moving average price of $19.13.

NOV (NYSE:NOV) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.03. NOV had a return on equity of 10.21% and a net margin of 11.23%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same period in the previous year, the company posted $0.32 earnings per share. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year.

NOV Dividend Announcement

The company 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 1.09%. The ex-dividend date of this dividend was Wednesday, March 13th. NOV’s dividend payout ratio is currently 8.03%.

Insider Activity at NOV

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the company’s 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 completion of the transaction, the chief accounting officer now directly owns 114,212 shares in the company, valued at approximately $1,990,715.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On NOV

Institutional investors have recently made changes to their positions in the stock. CENTRAL TRUST Co boosted its holdings in NOV by 85.4% in the third quarter. CENTRAL TRUST Co now owns 1,259 shares of the oil and gas exploration company’s stock valued at $26,000 after acquiring an additional 580 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of NOV in the 1st quarter worth approximately $26,000. Riverview Trust Co bought a new stake in shares of NOV in the 1st quarter valued at $39,000. Bruce G. Allen Investments LLC acquired a new stake in shares of NOV during the fourth quarter worth $49,000. Finally, GAMMA Investing LLC bought a new position in NOV during the fourth quarter worth $61,000. Institutional investors 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.