Griffin Securities Has Negative Outlook of NOV Q4 Earnings

NOV Inc. (NYSE:NOV) – Investment analysts at Griffin Securities decreased their Q4 2024 earnings per share (EPS) estimates for shares of NOV in a research report issued on Sunday, November 10th. Griffin Securities analyst K. Simpson now anticipates that the oil and gas exploration company will post earnings of $0.37 per share for the quarter, down from their prior forecast of $0.47. The consensus estimate for NOV’s current full-year earnings is $1.61 per share. Griffin Securities also issued estimates for NOV’s Q1 2025 earnings at $0.33 EPS, Q2 2025 earnings at $0.41 EPS, Q3 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.52 EPS and FY2025 earnings at $1.70 EPS.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company cut their price objective on NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. Benchmark reiterated a “hold” rating on shares of NOV in a research report on Friday, July 26th. JPMorgan Chase & Co. cut their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Stifel Nicolaus cut their price objective on NOV from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. Finally, Citigroup lowered NOV from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $21.00 to $18.00 in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $21.64.

NOV Price Performance

Shares of NOV stock opened at $16.55 on Tuesday. 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 business’s 50 day simple moving average is $16.05 and its two-hundred day simple moving average is $17.56. The stock has a market capitalization of $6.44 billion, a P/E ratio of 6.11, a price-to-earnings-growth ratio of 0.93 and a beta of 1.66. NOV has a one year low of $14.98 and a one year high of $21.23.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.075 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.81%. NOV’s dividend payout ratio is currently 11.07%.

Institutional Investors Weigh In On NOV

Institutional investors have recently modified their holdings of the stock. Wintrust Investments LLC lifted its holdings in shares of NOV by 631.6% during the first quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock valued at $1,600,000 after purchasing an additional 70,743 shares in the last quarter. Stanley Laman Group Ltd. bought a new position in shares of NOV during the second quarter valued at $4,031,000. Deprince Race & Zollo Inc. lifted its holdings 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 lifted its holdings 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. Finally, Canandaigua National Bank & Trust Co. bought a new position in shares of NOV during the second quarter valued at $1,100,000. 93.27% of the stock is owned by hedge funds and other institutional investors.

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.