NOV (NYSE:NOV) Issues Quarterly Earnings Results

NOV (NYSE:NOV) released its quarterly earnings data on Tuesday. The oil and gas exploration company reported $0.25 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.25, Zacks reports. NOV had a net margin of 1.10% and a return on equity of 3.44%.

NOV Stock Performance

NYSE NOV traded up $0.37 on Tuesday, hitting $20.56. The stock had a trading volume of 4,632,100 shares, compared to its average volume of 4,220,090. The company’s 50-day moving average is $20.03 and its two-hundred day moving average is $19.60. NOV has a one year low of $14.30 and a one year high of $21.93. The stock has a market cap of $7.33 billion, a price-to-earnings ratio of 79.08 and a beta of 0.97. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27.

NOV Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 11th were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, September 11th. NOV’s payout ratio is presently 138.46%.

Insider Buying and Selling

In other NOV news, Director David Harrison sold 9,594 shares of NOV stock in a transaction on Friday, July 31st. The stock was sold at an average price of $19.21, for a total transaction of $184,300.74. Following the sale, the director 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. TD Cowen lifted 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. Susquehanna increased their price target on shares of NOV from $22.00 to $24.00 and gave the stock a “positive” 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. Citigroup dropped their target price on shares of NOV from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, September 30th. Finally, Barclays lowered their price target on NOV from $21.00 to $20.00 and set an “underweight” rating for the company in a report on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, NOV has a consensus rating of “Hold” and an average target price of $21.23.

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.