Seaport Res Ptn Comments on NOV's FY2024 Earnings (NYSE:NOV)

NOV Inc. (NYSE:NOV - Free Report) - Seaport Res Ptn cut their FY2024 EPS estimates for shares of NOV in a report released on Sunday, January 5th. Seaport Res Ptn analyst T. Curran now anticipates that the oil and gas exploration company will post earnings per share of $1.60 for the year, down from their previous forecast of $1.84. Seaport Res Ptn has a "Hold" rating on the stock. The consensus estimate for NOV's current full-year earnings is $1.59 per share. Seaport Res Ptn also issued estimates for NOV's Q4 2024 earnings at $0.40 EPS, Q1 2025 earnings at $0.38 EPS, Q2 2025 earnings at $0.44 EPS, Q3 2025 earnings at $0.50 EPS, Q4 2025 earnings at $0.53 EPS and FY2025 earnings at $1.84 EPS.

Other equities analysts also recently issued reports about the stock. Morgan Stanley dropped their target price on shares of NOV from $25.00 to $23.00 and set an "overweight" rating for the company in a research note on Monday, September 16th. Bank of America dropped their price objective on shares of NOV from $22.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, October 14th. JPMorgan Chase & Co. decreased 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. TD Cowen dropped their target price on NOV from $28.00 to $22.00 and set a "buy" rating for the company in a research report on Monday, October 28th. Finally, Wells Fargo & Company decreased 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. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $20.14.

NOV Price Performance

Shares of NOV stock traded down $0.29 during trading on Wednesday, reaching $14.60. The company's stock had a trading volume of 2,139,151 shares, compared to its average volume of 2,531,468. The stock has a 50-day moving average price of $15.42 and a two-hundred day moving average price of $16.70. The stock has a market capitalization of $5.68 billion, a P/E ratio of 5.39, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. NOV has a one year low of $13.94 and a one year high of $21.23.

NOV Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Friday, December 6th. NOV's dividend payout ratio is currently 11.07%.

Insider Buying and Selling

In other news, Director David D. Harrison sold 1,784 shares of the company's stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the completion of the transaction, the director now owns 110,951 shares in the company, valued at $1,786,311.10. This represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NOV

Institutional investors have recently added to or reduced their stakes in the stock. Natixis Advisors LLC boosted its position in NOV by 21.4% during the 2nd quarter. Natixis Advisors LLC now owns 60,544 shares of the oil and gas exploration company's stock worth $1,151,000 after acquiring an additional 10,652 shares during the last quarter. Arizona State Retirement System grew its position in NOV by 1.9% in the second quarter. Arizona State Retirement System now owns 110,303 shares of the oil and gas exploration company's stock valued at $2,097,000 after purchasing an additional 2,043 shares in the last quarter. Wedbush Securities Inc. increased its stake in NOV by 10.6% in the 2nd quarter. Wedbush Securities Inc. now owns 13,692 shares of the oil and gas exploration company's stock valued at $260,000 after buying an additional 1,317 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in NOV by 4.5% during the 2nd quarter. Texas Permanent School Fund Corp now owns 360,355 shares of the oil and gas exploration company's stock worth $6,850,000 after buying an additional 15,594 shares in the last quarter. Finally, SIR Capital Management L.P. boosted its stake in shares of NOV by 29.9% during the 2nd quarter. SIR Capital Management L.P. now owns 654,000 shares of the oil and gas exploration company's stock worth $12,433,000 after buying an additional 150,400 shares during the last quarter. 93.27% of the stock is owned by 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.