Seaport Res Ptn Issues Pessimistic Forecast for NOV Earnings

NOV Inc. (NYSE:NOV) – Equities researchers at Seaport Res Ptn dropped their FY2024 earnings per share estimates for NOV in a research note issued on Sunday, January 5th. Seaport Res Ptn analyst T. Curran now forecasts that the oil and gas exploration company will post earnings per share of $1.60 for the year, down from their previous estimate of $1.84. Seaport Res Ptn currently 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.

Several other research analysts have also weighed in on NOV. Atb Cap Markets lowered NOV from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. BMO Capital Markets reduced their price objective on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a report on Thursday, October 10th. TD Cowen lowered 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. Piper Sandler initiated coverage on shares of NOV in a research note on Thursday, December 19th. They issued a “neutral” rating and a $17.00 price target on the stock. Finally, Bank of America lowered 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. Two analysts have rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, NOV currently has a consensus rating of “Hold” and an average target price of $20.14.

NOV Price Performance

Shares of NOV stock opened at $14.90 on Wednesday. The firm’s 50-day moving average is $15.42 and its two-hundred day moving average is $16.70. The company has a market capitalization of $5.80 billion, a PE ratio of 5.50, a price-to-earnings-growth ratio of 0.87 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. NOV has a 12 month low of $13.94 and a 12 month high of $21.23.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NOV. Pzena Investment Management LLC grew 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 worth $687,143,000 after acquiring an additional 7,851,220 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in NOV by 23.1% during the 3rd 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 purchasing an additional 6,963,660 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of NOV by 40.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,138,093 shares of the oil and gas exploration company’s stock worth $230,743,000 after buying an additional 3,470,860 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of NOV by 232.6% in the 2nd quarter. AQR Capital Management LLC now owns 4,888,891 shares of the oil and gas exploration company’s stock valued at $92,938,000 after buying an additional 3,418,885 shares during the period. Finally, Weiss Asset Management LP purchased a new stake in shares of NOV in the third quarter valued at approximately $35,709,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Insider Activity

In other news, Director David D. Harrison sold 1,784 shares of NOV stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total transaction of $28,722.40. Following the sale, the director now owns 110,951 shares in the company, valued at approximately $1,786,311.10. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.85% of the company’s stock.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were given a dividend of $0.075 per share. The ex-dividend date was Friday, December 6th. This represents a $0.30 annualized dividend and a dividend yield of 2.01%. NOV’s dividend payout ratio is currently 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.