NOV Inc. [NYSE: NOV] stock went on a downward path that fall over -0.41% on Thursday, amounting to a one-week price decrease of less than -9.15%. The company report on April 28, 2022 that NOV Reports First Quarter 2022 Results.
NOV Inc. (NYSE: NOV) today reported first quarter 2022 revenues of $1.55 billion, an increase of 2 percent compared to the fourth quarter of 2021 and an increase of 24 percent compared to the first quarter of 2021. Net loss for the first quarter of 2022 was $50 million, or 3.2 percent of sales, which included $45 million of Other Items (see Corporate Information for additional details). Adjusted EBITDA (operating profit excluding depreciation, amortization, gain and loss on sales of fixed assets, and, when applicable, Other Items) increased sequentially to $103 million, or 6.7 percent of sales. See reconciliation of Adjusted EBITDA to Net Income (Loss).
“NOV’s financial results continued to improve through the first quarter of 2022, as the Company benefited from better execution and improving pricing,” stated Clay Williams, Chairman, President, and CEO. “Our teams more efficiently navigated through raw material shortages, freight disruptions, and inflation, which intensified in many areas during the quarter due to further lockdowns and the conflict in Eastern Europe. Higher commodity prices are prompting greater activity among producers, who are now faced with oilfield service constraints brought about by years of underinvesting. Two years of cost- and infrastructure-cutting through the pandemic lockdown and persistent supply chain disruptions are challenging the sector’s ability to add production quickly in response to the higher commodity prices.”.
Over the last 12 months, NOV stock rose by 2.40%. The one-year NOV Inc. stock forecast points to a potential upside of 21.23. The average equity rating for NOV stock is currently 2.40, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $6.64 billion, with 387.00 million shares outstanding and 361.92 million shares in the current float. Compared to the average trading volume of 5.08M shares, NOV stock reached a trading volume of 3680380 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on NOV Inc. [NOV]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NOV shares is $21.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NOV stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Griffin Securities have made an estimate for NOV Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 02, 2022. While these analysts kept the previous recommendation, Citigroup dropped their target price from $22 to $21. The new note on the price target was released on March 14, 2022, representing the official price target for NOV Inc. stock.
The Average True Range (ATR) for NOV Inc. is set at 1.03, with the Price to Sales ratio for NOV stock in the period of the last 12 months amounting to 1.14. The Price to Book ratio for the last quarter was 1.34, with the Price to Cash per share for the same quarter was set at 3.62.
NOV Stock Performance Analysis:
NOV Inc. [NOV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.15. With this latest performance, NOV shares dropped by -12.91% in over the last four-week period, additionally plugging by 20.64% over the last 6 months – not to mention a rise of 2.40% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NOV stock in for the last two-week period is set at 36.26, with the RSI for the last a single of trading hit 31.10, and the three-weeks RSI is set at 40.46 for NOV Inc. [NOV]. The present Moving Average for the last 50 days of trading for this stock 19.38, while it was recorded at 17.47 for the last single week of trading, and 15.54 for the last 200 days.
Insight into NOV Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and NOV Inc. [NOV] shares currently have an operating margin of -2.26 and a Gross Margin at +14.17. NOV Inc.’s Net Margin is presently recorded at -4.52.
Return on Equity for this stock declined to -4.90, with Return on Assets sitting at -2.51.
NOV Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.80 and a Current Ratio set at 2.50.
NOV Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NOV. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for NOV Inc. go to 41.00%.
NOV Inc. [NOV] Insider Position Details
There are presently around $6,407 million, or 97.70% of NOV stock, in the hands of institutional investors. The top three institutional holders of NOV stocks are: PZENA INVESTMENT MANAGEMENT LLC with ownership of 38,565,035, which is approximately -5.169% of the company’s market cap and around 0.60% of the total institutional ownership; VANGUARD GROUP INC, holding 37,602,871 shares of the stock with an approximate value of $644.51 million in NOV stocks shares; and BLACKROCK INC., currently with $622.59 million in NOV stock with ownership of nearly 6.534% of the company’s market capitalization.
Positions in NOV Inc. stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 161 institutional holders increased their position in NOV Inc. [NYSE:NOV] by around 32,659,587 shares. Additionally, 172 investors decreased positions by around 33,944,428 shares, while 79 investors held positions by with 307,210,592 shares. The mentioned changes placed institutional holdings at 373,814,607 shares, according to the latest SEC report filing. NOV stock had 49 new institutional investments in for a total of 9,471,605 shares, while 54 institutional investors sold positions of 4,499,479 shares during the same period.