NOV (NYSE:NOV) Announces Quarterly Earnings Results

NOV (NYSE:NOV) announced its quarterly earnings data on Thursday. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.22, Briefing.com reports. The company had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.19 billion. NOV had a net margin of 11.23% and a return on equity of 10.21%. NOV’s revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS.

NOV Price Performance

NOV stock traded up $1.20 during trading on Friday, hitting $19.87. The stock had a trading volume of 10,994,980 shares, compared to its average volume of 3,737,801. The company’s 50 day moving average price is $18.36 and its two-hundred day moving average price is $18.62. NOV has a 1-year low of $16.77 and a 1-year high of $21.91. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of 7.98, a price-to-earnings-growth ratio of 0.57 and a beta of 1.70. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50.

NOV Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.075 dividend. This is an increase from NOV’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, June 14th. This represents a $0.30 annualized dividend and a yield of 1.51%. NOV’s payout ratio is presently 12.05%.

Analyst Ratings Changes

NOV has been the topic of several recent research reports. Benchmark reissued a “hold” rating on shares of NOV in a research note on Friday. Piper Sandler decreased their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Bank of America decreased their target price on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. TD Cowen decreased their target price on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Finally, Susquehanna restated a “positive” rating and set a $26.00 target price on shares of NOV in a research report on Monday, April 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, NOV presently has a consensus rating of “Hold” and a consensus price target of $24.07.

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.