Griffin Securities Has Negative View of NOV FY2024 Earnings

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

A number of other analysts have also weighed in on the stock. Bank of America decreased their target price on shares of NOV from $22.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, October 14th. TD Cowen lowered their price target on NOV from $28.00 to $22.00 and set a "buy" rating for the company in a research report on Monday, October 28th. Citigroup lowered NOV from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $21.00 to $18.00 in a research report on Monday. JPMorgan Chase & Co. decreased their price objective on shares of NOV from $23.00 to $22.00 and set an "overweight" rating for the company in a report on Thursday, October 3rd. Finally, Barclays lowered their target price on NOV from $17.00 to $16.00 and set an "underweight" rating on the stock in a report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $21.64.

NOV Stock Performance

Shares of NYSE NOV traded down $0.30 during trading on Wednesday, reaching $16.24. 3,042,245 shares of the stock traded hands, compared to its average volume of 3,721,595. The stock has a market capitalization of $6.32 billion, a P/E ratio of 5.99, 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 current ratio of 2.57 and a quick ratio of 1.65. The company has a 50-day moving average of $16.05 and a 200-day moving average of $17.56. NOV has a 52-week low of $14.98 and a 52-week high of $21.23.

Institutional Trading of NOV

Institutional investors and hedge funds have recently made changes to their positions in the company. Rothschild Investment LLC purchased a new stake in NOV in the second quarter valued at about $28,000. American National Bank & Trust acquired a new stake in NOV in the 3rd quarter valued at $39,000. International Assets Investment Management LLC raised its holdings in shares of NOV by 1,590.1% during the third quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company's stock valued at $46,000 after acquiring an additional 2,735 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of NOV in the third quarter worth about $48,000. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of NOV during the 2nd quarter worth approximately $78,000. 93.27% of the stock is currently owned by institutional investors.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.075 per share. The ex-dividend date was Friday, September 13th. This represents a $0.30 annualized dividend and a yield of 1.85%. NOV's payout ratio is presently 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.