Gain detailed insights into the trading activity of Congress members for NOV on our government trades page. Stay updated on how elected officials are investing in NOV.

NOV - Government Trades

NOV (formerly National Oilwell Varco) is a leading supplier of oil and gas drilling rig equipment and products, such as downhole tools, drill pipe, and well casing. The company operates on a global scale, with international markets contributing nearly two thirds of its annual revenue.

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NOV Inc. (NYSE: NOV) reported second-quarter 2024 adjusted earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 35 cents and increased from the year-ago quarter&#39;s level of 39 cents. The outperformance can be attributed to improving execution, customer demand and pricing.

NOV Q2 Earnings Surpass Estimates, Revenues Increase Y/Y

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Institutional investors have been dumping stocks for the last 12 months. You have to ask yourself some serious questions when you see this.

Burry In Q1: &#34;Sell&#34;, Also Burry In Q1:

NOV Inc

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NOV's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) short percent of float has fallen 6.87% since its last report. The company recently reported that it has 13.09 million shares sold short, which is 3.39% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.17 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>NOV Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1731519013_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for NOV has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing NOV's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, NOV's peer group average for short interest as a percentage of float is 7.69%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

How Is The Market Feeling About NOV?

Citigroup analyst Scott Gruber downgrades NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) from Buy to Neutral and lowers the price target from $21 to $18.

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Citigroup Downgrades NOV to Neutral, Lowers Price Target to $18

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Wells Fargo analyst Roger Read maintains NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) with a Underweight and lowers the price target from $16 to $15.

Wells Fargo Maintains Underweight on NOV, Lowers Price Target to $15

Barclays analyst David Anderson maintains NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) with a Underweight and lowers the price target from $17 to $16.

Barclays Maintains Underweight on NOV, Lowers Price Target to $16

TD Cowen analyst Marc Bianchi maintains NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) with a Buy and lowers the price target from $28 to $22.

TD Cowen Maintains Buy on NOV, Lowers Price Target to $22

NOV Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) posted weak results for the third quarter, after the <a href="https://www.benzinga.com/quote/NOV/earnings">closing bell on Thursday</a>.
NOV reported quarterly sales of $2.19 billion which missed the analyst consensus estimate of $2.23 billion. The company reported quarterly earnings of 33 cents per share which missed the analyst consensus estimate of 36 cents per share.
&#8220;During the third quarter of 2024, NOV continued to improve cash flow, backlog, profitability and margins compared to the prior year,&#8221; stated Clay Williams, Chairman, President, and CEO. &#8220;Revenues improved modestly compared to the third quarter of 2023, with strong execution on our growing backlog, increasing demand for aftermarket parts and services, and greater business efficiency driving margins higher. Additionally, demand for our capital equipment continued to grow in support of long-cycle offshore and international projects with NOV achieving a book-to-bill of 111% during the quarter, and 123% year-to-date.&#8221;
NOV said it expects fourth-quarter consolidated revenues to be down 3% &#8211; 5% year-over-year with adjusted EBITDA of $280 million to $300 million.
NOV shares gained 0.4% to trade at $15.78 on Monday.
These analysts made changes to their price targets on NOV following earnings announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58f9fdc40bd991000159a4bc/stephen-gengaro">Stifel analyst Stephen Gengaro</a> maintained NOV with a Buy rating and lowered the price target from $25 to $24.</li>
<li>Susquehanna analyst Charles Minervino maintained the stock with a Positive and cut the price target from $22 to $21.</li>
</ul>
Considering buying NOV stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="477" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28110511/image-282-1024x477.png" alt="" class="wp-image-617386" style="width:672px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28110511/image-282-1024x477.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28110511/image-282-300x140.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28110511/image-282-768x358.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/28110511/image-282.png 1272w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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In the last three months, 11 analysts have published ratings on NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>), offering a diverse range of perspectives from bullish to bearish.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for NOV, revealing an average target of $21.0, a high estimate of $25.00, and a low estimate of $16.00. This current average represents a 9.4% decrease from the previous average price target of $23.18. 
<img src="https://www.benzinga.com/files/images/story/2024/1730127655_0.png" alt="price target chart" />
<h2>Interpreting Analyst Ratings: A Closer Look</h2>
The perception of NOV by financial experts is analyzed through recent analyst actions. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Charles Minervino</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Positive</td>
<td>$21.00</td>
<td>$22.00</td>
</tr>
<tr>
<td>Stephen Gengaro</td>
<td>Stifel</td>
<td>Lowers</td>
<td>Buy</td>
<td>$24.00</td>
<td>$25.00</td>
</tr>
<tr>
<td>David Anderson</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$17.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Saurabh Pant</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$20.00</td>
<td>$22.00</td>
</tr>
<tr>
<td>Stephen Gengaro</td>
<td>Stifel</td>
<td>Lowers</td>
<td>Buy</td>
<td>$25.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Charles Minervino</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Positive</td>
<td>$22.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Phillip Jungwirth</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Market Perform</td>
<td>$20.00</td>
<td>$22.00</td>
</tr>
<tr>
<td>Scott Gruber</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Buy</td>
<td>$21.00</td>
<td>$24.00</td>
</tr>
<tr>
<td>Arun Jayaram</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$22.00</td>
<td>$23.00</td>
</tr>
<tr>
<td>Roger Read</td>
<td>Wells Fargo</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$16.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Elizabeth Porter</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$23.00</td>
<td>$25.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to NOV. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of NOV compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for NOV's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into NOV's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/NOV/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on NOV analyst ratings.</a>
<h2>Unveiling the Story Behind NOV</h2>
NOV (formerly National Oilwell Varco) is a leading supplier of oil and gas drilling rig equipment and products, such as downhole tools, drill pipe, and well casing. The company operates on a global scale, with international markets contributing nearly two thirds of its annual revenue.
<h3>Key Indicators: NOV's Financial Health</h3>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
Revenue Growth: NOV's revenue growth over a period of 3 months has been noteworthy. As of 30 June, 2024, the company achieved a revenue growth rate of approximately 5.88%. This indicates a substantial increase in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Energy sector.
Net Margin: NOV's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 10.2% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): NOV's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 3.58%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): NOV's ROA stands out, surpassing industry averages. With an impressive ROA of 2.0%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: NOV's debt-to-equity ratio is below the industry average. With a ratio of 0.38, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<h2>Analyst Ratings: Simplified</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
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Peeling Back The Layers: Exploring NOV Through Analyst Insights

Susquehanna analyst Charles Minervino maintains NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) with a Positive and lowers the price target from $22 to $21.

Susquehanna Maintains Positive on NOV, Lowers Price Target to $21

Stifel analyst Stephen Gengaro maintains NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) with a Buy and lowers the price target from $25 to $24.

Stifel Maintains Buy on NOV, Lowers Price Target to $24

NOV shares are trading higher. The company reported Q3 financial results.

Guidance

NOV Expects FY24 Full-year Adjusted EBITDA To Be Near Lower End Of Prior Guidance Range Of $1.10B -$1.18B

NOV Expects Q4 Consolidated Revenues To Be Down 3% - 5% Y/Y With Adjusted EBITDA Of $280M - $300M

NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) reported quarterly earnings of $0.33 per share which missed the analyst consensus estimate of $0.36 by 8.33 percent. This is a 13.79 percent increase over earnings of $0.29 per share from the same period last year.&nbsp;

Earnings Misses

NOV Q3 2024 GAAP EPS $0.33 Misses $0.36 Estimate

NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) reported quarterly sales of $2.19 billion which missed the analyst consensus estimate of $2.23 billion by 1.63 percent. This is a 0.27 percent increase over sales of $2.19 billion the same period last year.

NOV Q3 Sales $2.19B Miss $2.23B Estimate

Barclays analyst David Anderson maintains NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) with a Underweight and lowers the price target from $20 to $17.

Barclays Maintains Underweight on NOV, Lowers Price Target to $17

B of A Securities analyst Saurabh Pant maintains NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) with a Buy and lowers the price target from $22 to $20.

B of A Securities Maintains Buy on NOV, Lowers Price Target to $20

Stifel analyst Stephen Gengaro maintains NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) with a Buy and lowers the price target from $26 to $25.

Stifel Maintains Buy on NOV, Lowers Price Target to $25


Daniel GoldmanHouse (D-NY)	$1K - $15K	stock	Sale	May 19, 2023	Apr 10, 2023	House
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