NOV Inc. (NYSE:NOV - Free Report) - Zacks Research lowered their FY2024 earnings estimates for NOV in a note issued to investors on Thursday, November 14th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas exploration company will earn $1.53 per share for the year, down from their prior estimate of $1.58. The consensus estimate for NOV's current full-year earnings is $1.59 per share. Zacks Research also issued estimates for NOV's Q4 2024 earnings at $0.33 EPS, Q1 2025 earnings at $0.30 EPS, Q2 2025 earnings at $0.38 EPS, Q4 2025 earnings at $0.40 EPS, FY2025 earnings at $1.47 EPS, Q1 2026 earnings at $0.31 EPS, Q2 2026 earnings at $0.42 EPS, Q3 2026 earnings at $0.41 EPS and FY2026 earnings at $1.60 EPS.
NOV has been the topic of a number of other research reports. Evercore ISI raised NOV to a "strong-buy" rating in a research report on Friday, July 26th. Stifel Nicolaus dropped their price objective on shares of NOV from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Monday, October 28th. Barclays reduced their target price on NOV from $17.00 to $16.00 and set an "underweight" rating on the stock in a research note on Tuesday, October 29th. Morgan Stanley reduced their target price on NOV from $25.00 to $23.00 and set an "overweight" rating on the stock in a report on Monday, September 16th. Finally, Bank of America cut their target price on shares of NOV from $22.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, October 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, NOV presently has an average rating of "Hold" and a consensus target price of $21.64.
Check Out Our Latest Report on NOV
NOV Stock Up 0.8 %
Shares of NYSE NOV traded up $0.12 during mid-day trading on Monday, reaching $16.09. 1,630,983 shares of the company were exchanged, compared to its average volume of 3,703,333. NOV has a 1 year low of $14.98 and a 1 year high of $21.23. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. The stock has a market cap of $6.26 billion, a price-to-earnings ratio of 5.89, a P/E/G ratio of 0.92 and a beta of 1.66. The firm has a 50-day moving average of $16.02 and a 200 day moving average of $17.50.
Institutional Investors Weigh In On NOV
A number of institutional investors and hedge funds have recently modified their holdings of the company. Pzena Investment Management LLC increased its position in shares of NOV by 22.3% during the third quarter. Pzena Investment Management LLC now owns 43,027,106 shares of the oil and gas exploration company's stock valued at $687,143,000 after buying an additional 7,851,220 shares during the period. Hotchkis & Wiley Capital Management LLC raised its stake in shares of NOV by 23.1% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 37,153,173 shares of the oil and gas exploration company's stock worth $593,336,000 after buying an additional 6,963,660 shares during the period. Boston Partners bought a new position in shares of NOV in the first quarter worth approximately $119,686,000. Bank of New York Mellon Corp lifted its holdings in NOV by 67.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,928,911 shares of the oil and gas exploration company's stock worth $188,749,000 after purchasing an additional 3,989,095 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of NOV by 40.0% in the second quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company's stock valued at $230,743,000 after purchasing an additional 3,470,860 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.
NOV Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a yield of 1.86%. NOV's dividend payout ratio is 11.07%.
About NOV
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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.
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