NOV (NYSE:NOV) Announces Earnings Results, Beats Expectations By $0.03 EPS

NOV (NYSE:NOV) posted its earnings results on Thursday. The oil and gas exploration company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.03, Briefing.com reports. NOV had a return on equity of 10.79% and a net margin of 11.57%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same period in the prior year, the business earned $0.32 EPS. NOV’s revenue for the quarter was up 9.8% compared to the same quarter last year.

NOV Trading Down 0.4 %

Shares of NOV stock traded down $0.08 during mid-day trading on Friday, reaching $18.87. 8,326,523 shares of the stock traded hands, compared to its average volume of 4,342,254. The stock’s fifty day simple moving average is $18.57 and its two-hundred day simple moving average is $19.17. NOV has a 1-year low of $14.05 and a 1-year high of $21.91. The company has a market cap of $7.46 billion, a price-to-earnings ratio of 7.53, a price-to-earnings-growth ratio of 0.82 and a beta of 1.74. The company has a quick ratio of 1.51, a current ratio of 2.40 and a debt-to-equity ratio of 0.27.

NOV Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date was Wednesday, March 13th. NOV’s payout ratio is 7.97%.

Analyst Ratings Changes

A number of research firms have weighed in on NOV. Raymond James reduced their price target on NOV from $28.00 to $25.00 and set an “outperform” rating for the company in a research report on Monday, February 5th. StockNews.com raised NOV from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. TD Cowen reduced their price target on NOV from $31.00 to $30.00 and set an “outperform” rating for the company in a research report on Monday, February 5th. Piper Sandler cut their price objective on NOV from $25.00 to $22.00 and set a “neutral” rating for the company in a report on Tuesday, February 20th. Finally, Benchmark downgraded NOV from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $24.36.

Insider Activity

In other news, CAO Christy Lynn Novak sold 3,500 shares of NOV stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $17.43, for a total transaction of $61,005.00. Following the sale, the chief accounting officer now directly owns 114,212 shares of the company’s stock, valued at $1,990,715.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.85% of the company’s stock.

NOV Company Profile

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.