$1.53 billion in sales expected for NOV Inc. (NYSE:NOV) this quarter
Brokers expect NOV Inc. (NYSE:NOV – Get Rating) to report sales of $1.53 billion in the current fiscal quarter, reports Zacks Investment Research. Nine analysts provided NOV earnings estimates, with estimates ranging from $1.50 billion to $1.55 billion. NOV recorded sales of $1.25 billion in the same quarter last year, suggesting a positive year-over-year growth rate of 22.4%. The company is due to release its next earnings report on Tuesday, April 26.
On average, analysts expect NOV to report annual sales of $6.71 billion in the current fiscal year, with estimates ranging from $6.59 billion to $6.98 billion. For the next fiscal year, analysts expect the company to post sales of $7.68 billion, with estimates ranging from $7.32 billion to $7.93 billion. Zacks Investment Research sales averages are an average average based on a survey of analysts who cover NOV.
NOV (NYSE:NOV – Get Rating) last released its quarterly earnings data on Thursday, February 3. The oil and gas exploration company reported ($0.06) EPS for the quarter, missing analyst consensus estimates of ($0.03) by ($0.03). The company posted revenue of $1.52 billion in the quarter, versus a consensus estimate of $1.46 billion. NOV had a negative net margin of 4.53% and a negative return on equity of 3.65%. In the same quarter of the previous year, the company posted EPS of ($0.42).
A number of equity research analysts have recently commented on the company. Goldman Sachs Group downgraded NOV from a “neutral” rating to a “sell” rating and set a price target of $16.00 for the company. in a report from Wednesday, February 23. COKER & PALMER downgraded NOV from a “sector performer” rating to an “sector underperformer” rating in a Monday, February 7, research note. Susquehanna Bancshares reduced its price target on NOV shares from $23.00 to $22.00 in a research note on Monday, February 7. JPMorgan Chase & Co. cut NOV shares from an “overweight” rating to a “neutral” rating and set a price target of $17.00 for the company. in a report on Monday, February 7. Finally, Susquehanna cut its price target on NOV shares from $23.00 to $22.00 in a Monday, Feb. 7 report. Four equity research analysts gave the stock a sell rating, five issued a hold rating and four gave the company a buy rating. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.30.
A number of institutional investors and hedge funds have recently changed their positions in the stock. Norges Bank acquired a new position in NOV during the fourth quarter worth $24,060,000. JustInvest LLC purchased a new stake in NOV during the fourth quarter at a value of $249,000. Comerica Bank increased its position in NOV by 7.0% during the fourth quarter. Comerica Bank now owns 250,453 shares of the oil and gas exploration company worth $4,145,000 after acquiring 16,284 more shares last quarter. EverSource Wealth Advisors LLC purchased a new stake in NOV during the fourth quarter for $51,000. Finally, Toroso Investments LLC purchased a new stake in NOV during the fourth quarter at a value of $179,000. Institutional investors and hedge funds own 94.96% of the company’s shares.
NYSE NOV opened at $21.15 on Monday. The stock has a 50-day simple moving average of $16.92 and a 200-day simple moving average of $14.72. The company has a market capitalization of $8.30 billion, a PE ratio of -32.54 and a beta of 1.98. The company has a current ratio of 2.57, a quick ratio of 1.87 and a debt ratio of 0.34. NOV has a 12-month low of $11.46 and a 12-month high of $24.06.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 25. Investors of record on Friday, March 11 will receive a dividend of $0.05 per share. This represents an annualized dividend of $0.20 and a yield of 0.95%. The ex-dividend date is Thursday, March 10. NOV’s payout ratio is -30.77%.
About NOV (Get a rating)
NOV, Inc provides equipment and technology to the upstream oil and gas industry. It operates through the following segments: Rig Technologies, Wellbore Technologies and Completion and Production Solutions. The Rig Technologies segment monitors its capital goods backlog to plan its activities. The Wellbore Technologies segment designs, manufactures, leases and sells a variety of equipment and technologies used to perform drilling operations and offers services that optimize their performance.
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