Griffin Securities Equities Analysts Cut Earnings Estimates for NOV Inc. (NYSE:NOV)

NOV Inc. (NYSE:NOVGet Rating) – Equities research analysts at Griffin Securities cut their Q3 2022 EPS estimates for NOV in a note issued to investors on Monday, May 2nd. Griffin Securities analyst K. Simpson now expects that the oil and gas exploration company will post earnings of $0.05 per share for the quarter, down from their prior estimate of $0.06. Griffin Securities has a “Buy” rating and a $26.00 price target on the stock. Griffin Securities also issued estimates for NOV’s Q1 2023 earnings at $0.15 EPS, Q2 2023 earnings at $0.19 EPS, Q3 2023 earnings at $0.25 EPS and Q4 2023 earnings at $0.32 EPS.

A number of other equities research analysts have also issued reports on the stock. StockNews.com initiated coverage on shares of NOV in a report on Thursday, March 31st. They issued a “hold” rating for the company. Wells Fargo & Company raised their target price on shares of NOV from $14.00 to $16.00 and gave the stock an “underweight” rating in a research report on Thursday, March 31st. Stifel Nicolaus lifted their price objective on shares of NOV from $20.00 to $23.00 in a research report on Friday, April 8th. Susquehanna Bancshares cut their price target on NOV from $23.00 to $22.00 in a research note on Monday, February 7th. Finally, Citigroup downgraded shares of NOV from a “buy” rating to a “neutral” rating and cut their target price for the company from $22.00 to $21.00 in a research note on Monday, March 14th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.23.

NOV opened at $18.62 on Tuesday. The company has a current ratio of 2.50, a quick ratio of 1.77 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average price of $19.32 and a 200 day moving average price of $16.30. NOV has a 1 year low of $11.46 and a 1 year high of $24.06.

NOV (NYSE:NOVGet Rating) last posted its quarterly earnings results on Thursday, February 3rd. The oil and gas exploration company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.46 billion. NOV had a negative net margin of 3.18% and a negative return on equity of 2.54%. During the same quarter in the prior year, the firm posted ($0.42) EPS.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James & Associates boosted its stake in shares of NOV by 6.9% in the 3rd quarter. Raymond James & Associates now owns 158,895 shares of the oil and gas exploration company’s stock worth $2,083,000 after buying an additional 10,286 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in NOV by 13.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,923,450 shares of the oil and gas exploration company’s stock valued at $51,437,000 after acquiring an additional 474,733 shares during the period. MUFG Securities EMEA plc bought a new stake in NOV during the 3rd quarter valued at $5,489,000. Tudor Investment Corp Et Al increased its holdings in shares of NOV by 605.3% in the third quarter. Tudor Investment Corp Et Al now owns 935,954 shares of the oil and gas exploration company’s stock worth $12,270,000 after purchasing an additional 803,249 shares during the period. Finally, Mutual of America Capital Management LLC increased its holdings in shares of NOV by 575.8% in the third quarter. Mutual of America Capital Management LLC now owns 344,339 shares of the oil and gas exploration company’s stock worth $4,514,000 after purchasing an additional 293,387 shares during the period. 93.94% of the stock is currently owned by institutional investors.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 25th. Shareholders of record on Friday, March 11th were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, March 10th. This represents a $0.20 dividend on an annualized basis and a yield of 1.07%. NOV’s dividend payout ratio (DPR) is presently -41.67%.

About NOV (Get Rating)

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

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Earnings History and Estimates for NOV (NYSE:NOV)

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