Analysts Expect NOV Inc. (NYSE:NOV) Will Post Earnings of -$0.12 Per Share

Brokerages predict that NOV Inc. (NYSE:NOV) will announce earnings per share of ($0.12) for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for NOV’s earnings, with the highest EPS estimate coming in at ($0.10) and the lowest estimate coming in at ($0.15). NOV posted earnings per share of ($0.07) during the same quarter last year, which suggests a negative year over year growth rate of 71.4%. The business is scheduled to report its next earnings results after the market closes on Tuesday, July 27th.

According to Zacks, analysts expect that NOV will report full-year earnings of ($0.48) per share for the current fiscal year, with EPS estimates ranging from ($0.69) to ($0.40). For the next year, analysts forecast that the business will report earnings of $0.16 per share, with EPS estimates ranging from ($0.10) to $0.38. Zacks’ EPS averages are a mean average based on a survey of research analysts that follow NOV.

NOV (NYSE:NOV) last posted its earnings results on Tuesday, April 27th. The oil and gas exploration company reported ($0.28) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.05). The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.27 billion. NOV had a negative net margin of 11.18% and a negative return on equity of 5.60%. The firm’s revenue for the quarter was down 33.7% on a year-over-year basis. During the same period last year, the company posted ($5.34) EPS.

Several analysts have weighed in on the company. The Goldman Sachs Group assumed coverage on NOV in a report on Thursday, May 13th. They issued a “neutral” rating and a $18.00 target price on the stock. Morgan Stanley upped their price objective on NOV from $12.00 to $13.00 and gave the company an “underweight” rating in a research report on Thursday, April 29th. Barclays upgraded NOV from an “equal weight” rating to an “outperform” rating and upped their price objective for the company from $12.00 to $18.00 in a research report on Monday, May 3rd. Zacks Investment Research downgraded NOV from a “hold” rating to a “sell” rating and set a $18.00 price objective on the stock. in a research report on Thursday, March 11th. Finally, COKER & PALMER downgraded NOV from a “sector perform” rating to an “underperform” rating in a research report on Tuesday, May 4th. Four analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $15.31.

Institutional investors have recently added to or reduced their stakes in the company. Rafferty Asset Management LLC raised its holdings in shares of NOV by 32.4% in the 1st quarter. Rafferty Asset Management LLC now owns 251,565 shares of the oil and gas exploration company’s stock worth $3,451,000 after purchasing an additional 61,537 shares during the period. Swiss National Bank raised its holdings in shares of NOV by 1.0% in the 1st quarter. Swiss National Bank now owns 887,100 shares of the oil and gas exploration company’s stock worth $12,171,000 after purchasing an additional 8,362 shares during the period. BlackRock Inc. raised its holdings in shares of NOV by 17.2% in the 1st quarter. BlackRock Inc. now owns 27,731,754 shares of the oil and gas exploration company’s stock worth $380,481,000 after purchasing an additional 4,061,284 shares during the period. Wedge Capital Management L L P NC raised its holdings in shares of NOV by 15.5% in the 1st quarter. Wedge Capital Management L L P NC now owns 815,497 shares of the oil and gas exploration company’s stock worth $11,189,000 after purchasing an additional 109,335 shares during the period. Finally, American International Group Inc. purchased a new position in shares of NOV in the 1st quarter worth about $1,640,000. Institutional investors own 91.05% of the company’s stock.

NOV stock traded up $0.22 during trading hours on Tuesday, hitting $17.13. The stock had a trading volume of 9,481 shares, compared to its average volume of 4,865,257. The company has a quick ratio of 1.88, a current ratio of 2.58 and a debt-to-equity ratio of 0.32. The company has a market cap of $6.69 billion, a PE ratio of -10.70 and a beta of 2.30. NOV has a 1-year low of $7.70 and a 1-year high of $18.02. The firm has a fifty day simple moving average of $15.46.

About NOV

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for use in oil and gas drilling and production, and industrial and renewable energy sectors worldwide. It operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

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Earnings History and Estimates for NOV (NYSE:NOV)

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