Atb Cap Markets Projects Positive Earnings for NOV

Published on November 1st, 2024

Atb Cap Markets has upgraded its earnings per share (EPS) estimates for NOV Inc. (NYSE:NOV) following a recent analysis shared with clients on October 27th. The firm’s analyst, W. Syed, now anticipates that the oil and gas exploration company will report earnings of $0.34 for the fourth quarter of 2024, an increase from the prior estimate of $0.32. The existing consensus estimate for NOV's total earnings for the current year stands at $1.60 per share. Additionally, Atb Cap Markets forecasts Q1 2025 earnings to be around $0.32 EPS, with an increase to $0.36 EPS expected by Q1 2026.

Recently, several other financial institutions have provided their own assessments of NOV. Notably, Wells Fargo & Company has decreased its rating from “equal weight” to “underweight” and adjusted its price target for the stock downwards from $20.00 to $16.00 as outlined in a report on September 25th. On the other hand, TD Cowen adjusted their price target for NOV from $28.00 to $22.00, maintaining a “buy” rating. In a similar trend, Piper Sandler and JPMorgan Chase & Co. have also revised their price targets downward but retained positive outlooks, rating the stock as “neutral” and “overweight” respectively. Currently, the data reflects that two analysts view the stock unfavorably, five maintain a hold status, nine have given a buy rating, and one has indicated a strong buy. Overall, NOV shares have a consensus rating of “Moderate Buy” and a target price averaging $21.93.

NOV Stock Overview

On Wednesday, NOV’s stock price was recorded at $15.51. The company's market capitalization is approximately $6.11 billion, with a price-to-earnings ratio resting at 5.72. The firm has experienced a trading range with a 52-week low of $14.98 and a high of $21.23. Its 50-day moving average is calculated at $16.32, while the 200-day moving average stands at $17.73. Additionally, NOV displays a quick ratio of 1.65, a current ratio of 2.57, and a debt-to-equity ratio of 0.26.

Institutional Investment Activity

Investors have been actively adjusting their positions in NOV as shown by recent changes among institutional stakeholders. Rothschild Investment LLC established a new stake in NOV during the second quarter worth about $28,000. American National Bank & Trust also acquired shares in the third quarter valued at $39,000, while International Assets Investment Management made a significant increase in ownership by 1,590.1%. As a result, they now hold 2,907 shares, valued at $46,000 after buying an additional 2,735 shares. Other firms, including Mercer Global Advisors Inc. ADV and Signaturefd LLC, have also made new investments and increased their holdings, demonstrating growing interest in the company. Institutional investors collectively own 93.27% of NOV’s outstanding shares.

NOV’s Dividend Announcement

Furthermore, NOV has declared a quarterly dividend that was disbursed on September 27th. Shareholders on record as of September 13th received a dividend of $0.075 per share, summing up to an annualized dividend of $0.30, which reflects a yield of 1.93%. The company’s dividend payout ratio (DPR) is currently at 11.07%.

About NOV Inc.

NOV Inc. specializes in the design, construction, manufacturing, and sale of systems, components, and products primarily targeting the oil and gas drilling and production sectors, along with industrial and renewable energy markets both in the United States and internationally. The company operates through two main segments: Energy Equipment and Energy Products and Services. Its offerings include solids control and waste management equipment, drilling fluids, premium drill pipe, and various specialized tools and services for the industry.

Earnings, Stocks, Forecast