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

NOV (NYSE:NOV) announced its earnings results on Tuesday. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14, Zacks reports. NOV had a net margin of 1.05% and a return on equity of 3.34%.

NOV Trading Down 3.3%

NOV stock traded down $0.68 during trading on Tuesday, hitting $19.79. The company had a trading volume of 4,492,706 shares, compared to its average volume of 4,614,146. The firm has a market capitalization of $7.10 billion, a P/E ratio of 82.47 and a beta of 0.91. NOV has a 52-week low of $11.77 and a 52-week high of $21.55. The company has a 50 day simple moving average of $19.73 and a 200-day simple moving average of $19.37. The company has a quick ratio of 1.66, a current ratio of 2.47 and a debt-to-equity ratio of 0.27.

NOV Dividend Announcement

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

Analyst Ratings Changes

Several research analysts recently commented on NOV shares. Royal Bank Of Canada lifted their price target on NOV from $21.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. Barclays reaffirmed an “underweight” rating and issued a $21.00 price objective (up from $20.00) on shares of NOV in a research note on Thursday, May 7th. Citigroup lifted their target price on NOV from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday, June 18th. Morgan Stanley set a $21.00 price target on NOV in a report on Wednesday, July 15th. Finally, The Goldman Sachs Group set a $19.00 price target on NOV in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $20.50.

Hedge Funds Weigh In On NOV

A number of hedge funds have recently added to or reduced their stakes in NOV. Invesco Ltd. raised its stake in shares of NOV by 3.0% during the fourth quarter. Invesco Ltd. now owns 2,088,655 shares of the oil and gas exploration company’s stock valued at $32,646,000 after acquiring an additional 60,148 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of NOV by 64.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 47,164 shares of the oil and gas exploration company’s stock valued at $737,000 after purchasing an additional 18,404 shares during the period. XTX Topco Ltd bought a new position in NOV in the fourth quarter worth approximately $3,173,000. Numerai GP LLC increased its holdings in NOV by 30.7% during the 4th quarter. Numerai GP LLC now owns 15,366 shares of the oil and gas exploration company’s stock worth $240,000 after purchasing an additional 3,607 shares during the period. Finally, Old West Investment Management LLC purchased a new position in NOV during the 4th quarter worth $865,000. 93.27% of the stock is currently owned by institutional investors.

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.