NOV (NYSE:NOV) Issues Quarterly Earnings Results, Hits Expectations

NOV (NYSE:NOV) posted its earnings results on Tuesday. The oil and gas exploration company reported $0.25 earnings per share for the quarter, meeting the consensus estimate of $0.25, Zacks reports. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.20 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS.

NOV Stock Performance

Shares of NOV stock opened at $19.28 on Thursday. The company has a market cap of $6.87 billion, a P/E ratio of 74.17 and a beta of 0.97. The firm has a fifty day moving average price of $19.97 and a 200 day moving average price of $19.62. The company has a current ratio of 2.42, a quick ratio of 1.61 and a debt-to-equity ratio of 0.27. NOV has a 12 month low of $14.30 and a 12 month high of $21.93.

NOV Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were paid a dividend of $0.09 per share. The ex-dividend date was Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.9%. NOV’s payout ratio is presently 138.46%.

Insiders Place Their Bets

In other NOV news, Director David Harrison sold 9,594 shares of NOV stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $19.21, for a total transaction of $184,300.74. Following the completion of the sale, the director directly owned 126,763 shares of the company’s stock, valued at $2,435,117.23. The trade was a 7.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NOV. Susquehanna lifted their price objective on NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research note on Thursday, July 30th. Citigroup reduced their price target on shares of NOV from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 30th. TD Cowen upped their target price on shares of NOV from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of NOV in a report on Monday, September 21st. Finally, Barclays reissued an “underweight” rating on shares of NOV in a research report on Thursday. Four equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $21.58.

NOV Company Profile

NOV Inc (NYSE: NOV) is a Houston-based technology and equipment provider serving the global energy industry. The company develops and manufactures products and systems used in oil and natural gas drilling, well construction, completion and production operations.

Its offerings include land and offshore drilling rigs, rig equipment and components, downhole tools, drill pipe, wellbore technologies, pressure-control systems, and equipment used to enhance production. NOV also provides aftermarket parts, technical support, maintenance and other services designed to help energy companies operate and maintain their equipment.

The company was formed in 2005 through the merger of National Oilwell and Varco International, building on businesses with much longer histories in the oilfield equipment industry.