NOV (NYSE:NOV) Announces Quarterly Earnings Results

NOV (NYSE:NOV) issued its quarterly earnings data on Tuesday. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14, Zacks reports. NOV had a return on equity of 3.42% and a net margin of 1.10%.The company had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.08 billion. During the same period last year, the business earned $0.29 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis.

NOV Stock Performance

Shares of NYSE NOV traded up $0.33 during trading hours on Thursday, reaching $19.39. 860,892 shares of the stock were exchanged, compared to its average volume of 4,610,156. NOV has a 52 week low of $11.77 and a 52 week high of $21.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. The stock’s fifty day simple moving average is $19.66 and its 200 day simple moving average is $19.40. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 74.48 and a beta of 0.91.

NOV Dividend Announcement

The business also recently declared a special dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a $0.09 dividend. The ex-dividend date was Friday, June 12th. This represents a yield of 170.0%. NOV’s dividend payout ratio is 150.00%.

Institutional Trading of NOV

Several large investors have recently modified their holdings of the stock. Vise Technologies Inc. raised its position in shares of NOV by 57.4% in the 4th quarter. Vise Technologies Inc. now owns 32,918 shares of the oil and gas exploration company’s stock valued at $515,000 after buying an additional 12,002 shares in the last quarter. Weiss Asset Management LP bought a new stake in NOV during the fourth quarter worth $498,000. O Shaughnessy Asset Management LLC raised its holdings in shares of NOV by 26.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 27,614 shares of the oil and gas exploration company’s stock worth $432,000 after buying an additional 5,770 shares in the last quarter. United Capital Financial Advisors LLC acquired a new position in NOV during the third quarter worth about $427,000. Finally, Vestcor Inc boosted its position in NOV by 313.1% in the third quarter. Vestcor Inc now owns 30,578 shares of the oil and gas exploration company’s stock valued at $405,000 after buying an additional 23,176 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NOV has been the subject of several analyst reports. Evercore raised shares of NOV to a “hold” rating in a report on Wednesday, April 29th. TD Cowen reaffirmed a “buy” rating on shares of NOV in a research note on Thursday. The Goldman Sachs Group set a $19.00 target price on shares of NOV in a research note on Wednesday, June 3rd. Royal Bank Of Canada boosted their target price on NOV from $21.00 to $22.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 29th. Finally, Zacks Research upgraded NOV from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, NOV has an average rating of “Hold” and a consensus price target of $20.92.

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.