NOV (NYSE:NOV) Announces Earnings Results, Beats Expectations By $0.14 EPS

NOV (NYSE:NOV) posted its earnings results on Tuesday. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14, Zacks reports. NOV had a net margin of 1.10% and a return on equity of 3.42%. The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.08 billion. During the same period in the prior year, the company posted $0.29 EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year.

NOV Trading Up 1.8%

Shares of NYSE NOV traded up $0.34 during mid-day trading on Thursday, hitting $19.39. The stock had a trading volume of 1,149,756 shares, compared to its average volume of 4,612,601. The business has a 50 day moving average price of $19.66 and a two-hundred day moving average price of $19.40. NOV has a 1 year low of $11.77 and a 1 year high of $21.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. The firm has a market cap of $6.96 billion, a P/E ratio of 74.55 and a beta of 0.91.

NOV Dividend Announcement

The company also recently announced a special dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were paid a $0.09 dividend. This represents a dividend yield of 170.0%. The ex-dividend date of this dividend was Friday, June 12th. NOV’s payout ratio is presently 150.00%.

Hedge Funds Weigh In On NOV

A number of hedge funds have recently modified their holdings of NOV. CIBC Private Wealth Group LLC raised its stake in shares of NOV by 659.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock valued at $36,000 after acquiring an additional 1,978 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of NOV in the fourth quarter worth about $74,000. UMB Bank n.a. increased its holdings in NOV by 67.7% during the 4th quarter. UMB Bank n.a. now owns 5,214 shares of the oil and gas exploration company’s stock valued at $81,000 after purchasing an additional 2,105 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in NOV by 33.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,595 shares of the oil and gas exploration company’s stock valued at $82,000 after purchasing an additional 1,658 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in NOV in the second quarter worth $93,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NOV shares. Zacks Research raised shares of NOV from a “hold” rating to a “strong-buy” rating in a report on Tuesday. The Goldman Sachs Group set a $19.00 price objective on NOV in a research note on Wednesday, June 3rd. Evercore upgraded NOV to a “hold” rating in a research note on Wednesday, April 29th. Morgan Stanley set a $21.00 price target on NOV in a report on Wednesday, July 15th. Finally, Royal Bank Of Canada lifted their price target on NOV from $21.00 to $22.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $21.23.

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV’s business is organized to serve upstream energy companies around the world.