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Is NOV Inc. (NYSE: NOV) A Disaster Waiting To Happen Or Is It A Chance To Make Money?

In the last trading session, 10.4 million NOV Inc. (NYSE:NOV) shares changed hands as the company’s beta touched 1.92. With the company’s per share price at $20.93 changed hands at $0.08 or 0.38% during last session, the market valuation stood at $8.21B. NOV’s last price was a discount, traded about -18.63% off its 52-week high of $24.83. The share price had its 52-week low at $14.05, which suggests the last value was 32.87% up since then. When we look at NOV Inc.’s average trading volume, we note the 10-day average is 4.71 million shares, with the 3-month average coming to 4.07 million.

Analysts gave the NOV Inc. (NOV) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.20. If we narrow down to specifics, the data shows that 1 out of 25 analysts rate the stock as a Sell, with a further 2 assigning it an Overweight rating. Of the remaining, 9 recommended NOV as a Hold, 13 felt it is a Buy and 0 rated the stock as Underweight. NOV Inc.’s EPS for the current quarter is expected to be $0.34.

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NOV Inc. (NYSE:NOV) trade information

Instantly NOV was in green as seen at the end of in last trading. With action -0.90%, the performance over the past five days has been red. The jump to weekly highs of 21.44 on Friday, 09/15/23 added 0.38% to the stock’s daily price. The company’s shares are showing year-to-date upside of 0.19%, with the 5-day performance at -0.90% in the red. However, in the 30-day time frame, NOV Inc. (NYSE:NOV) is 2.90% up. Looking at the short shares, we see there were 16.09 million shares sold at short interest cover period of 4.83 days.

The consensus price target for the stock as assigned by Wall Street analysts is $24.57, meaning bulls need an upside of 14.81% from its current market value. According to analyst projections, NOV’s forecast low is $18.00 with $30.00 as the target high. To hit the forecast high, the stock’s price needs a -43.33% plunge from its current level, while the stock would need to tank 14.0% for it to hit the projected low.

NOV Inc. (NOV) estimates and forecasts

Data shows that the NOV Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 15.25% over the past 6 months, a 276.92% in annual growth rate that is considerably higher than the industry average of 17.90%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for NOV Inc. will rise 325.00%, while the growth in revenue is estimated to hit 69.20% for the next quarter. Year-over-year growth is forecast to reach 16.80% up from the last financial year.

Consensus estimates given by 18 financial analysts project the company’s revenue in the current quarter to hit an average of $2.13 billion. 17 analysts are of the opinion that NOV Inc.’s revenue for the quarter ending Dec 2023 will be $2.27 billion. The company’s revenue for the corresponding quarters a year ago was $1.89 billion and $2.07 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 12.90%. The estimates for the next quarter sales put growth at 9.40%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 18.20%. The 2023 estimates are for NOV Inc. earnings to increase by 160.70%, but the outlook for the next 5-year period is at 36.00% per year.

NOV Dividends

NOV Inc. is expected to release its next quarterly earnings report in October. The 0.96% annual yield figure for the share gives it an annual dividend of 0.20. It is important to note, however, that the 0.96% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

NOV Inc. (NYSE:NOV)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.68% of NOV Inc. shares while 94.73% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 95.38%. There are 94.73% institutions holding the NOV Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 9.97% of the shares, roughly 39.27 million NOV shares worth $629.94 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 9.49% or 37.39 million shares worth $599.71 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Apr 29, 2023 were First Eagle Global Fund and iShares Core S&P Midcap ETF. With 26.91 million shares estimated at $450.66 million under it, the former controlled 6.83% of total outstanding shares. On the other hand, iShares Core S&P Midcap ETF held about 3.22% of the shares, roughly 12.69 million shares worth around $268.23 million.

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