NOV (NYSE:NOV) Issues Earnings Results

NOV (NYSE:NOV) posted its quarterly earnings data 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 return on equity of 3.34% and a net margin of 1.05%.

NOV Stock Down 3.3%

NOV stock traded down $0.68 during midday trading on Tuesday, hitting $19.79. 4,492,706 shares of the company’s stock were exchanged, compared to its average volume of 4,614,146. 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 company has a market cap of $7.10 billion, a PE ratio of 82.47 and a beta of 0.91. The firm has a 50-day moving average of $19.73 and a two-hundred day moving average of $19.37. NOV has a 12 month low of $11.77 and a 12 month high of $21.55.

NOV Announces Dividend

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

Institutional Investors Weigh In On NOV

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its holdings in NOV by 15.6% during the first quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company’s stock valued at $756,000 after buying an additional 6,711 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in NOV by 35.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company’s stock worth $2,465,000 after buying an additional 42,462 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in NOV by 17.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company’s stock worth $16,168,000 after buying an additional 157,385 shares during the period. Focus Partners Wealth bought a new stake in NOV during the 1st quarter valued at $214,000. Finally, Cetera Investment Advisers purchased a new position in shares of NOV in the 2nd quarter valued at $190,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Wall Street Analyst Weigh In

NOV has been the topic of several recent research reports. Evercore upgraded NOV to a “hold” rating in a report on Wednesday, April 29th. Barclays restated an “underweight” rating and issued a $21.00 target price (up from $20.00) on shares of NOV in a report on Thursday, May 7th. Stifel Nicolaus upped their price target on shares of NOV from $21.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 20th. Citigroup upped their target price on NOV from $20.00 to $22.00 and gave the company a “neutral” rating in a research note on Thursday, June 18th. Finally, TD Cowen raised shares of NOV from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 29th. One equities research 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 given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $20.50.

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.