Griffin Securities Issues Negative Forecast for NOV Earnings

NOV Inc. (NYSE:NOV) – Equities research analysts at Griffin Securities decreased their FY2024 EPS estimates for NOV in a research note issued on Sunday, November 10th. Griffin Securities analyst K. Simpson now anticipates that the oil and gas exploration company will post earnings of $1.57 per share for the year, down from their previous forecast of $1.71. The consensus estimate for NOV’s current full-year earnings is $1.59 per share.

A number of other research firms have also recently commented on NOV. Bank of America decreased their price target on NOV from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Wells Fargo & Company lowered their price target on NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a report on Monday, November 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $24.00 price objective on shares of NOV in a report on Monday, July 29th. Susquehanna lowered their target price on shares of NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a report on Monday, October 28th. Finally, TD Cowen cut their target price on shares of NOV from $28.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $21.64.

NOV Stock Down 0.2 %

NOV opened at $16.21 on Wednesday. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of 5.98, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66. 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 firm’s fifty day moving average is $16.02 and its 200 day moving average is $17.54. 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

Several large investors have recently modified their holdings of NOV. Verition Fund Management LLC lifted its position in NOV by 767.1% in the third quarter. Verition Fund Management LLC now owns 163,317 shares of the oil and gas exploration company’s stock worth $2,608,000 after buying an additional 144,483 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of NOV by 5.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 84,386 shares of the oil and gas exploration company’s stock worth $1,348,000 after acquiring an additional 4,721 shares during the last quarter. Glenmede Trust Co. NA purchased a new position in shares of NOV during the 3rd quarter worth about $13,730,000. Brooklyn Investment Group bought a new position in NOV during the 3rd quarter valued at about $48,000. Finally, Qsemble Capital Management LP bought a new position in NOV during the 3rd quarter valued at about $1,928,000. Institutional investors own 93.27% of the company’s stock.

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.85%. NOV’s payout ratio is 11.07%.

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.