National Oilwell Varco Inc. ($NOV) Stock Forecast: Down 5.6% Today

What is National Oilwell Varco Inc.?

NOV Inc. (NOV) is a company that provides technology, equipment, and services to the oil and gas industry. Today, the stock experienced a strong bearish movement in the market.

Why is National Oilwell Varco Inc. going down?

NOV stock is down 5.6% on Aug 1, 2024 15:59

• Despite reporting strong Q2 earnings that surpassed estimates and an increase in revenues year over year, NOV's stock saw a bearish movement.
• The market may have reacted negatively due to the company's cautious guidance for the third quarter, expecting only flat or low single-digit revenue growth.
• Investors might have been disappointed with the lack of significant growth projections, leading to a sell-off in the stock despite the positive earnings report.
• The discrepancy between the positive earnings results and the conservative future outlook could have contributed to the bearish sentiment surrounding NOV's stock today.

NOV Price Chart

NOV News

NOV Q2 Earnings Surpass Estimates, Revenues Increase Y/Y - Halliburton ( NYSE:HAL ) , Kinder Morgan ( NYSE:KMI )

NOV Inc. 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's level of 39 cents. The outperformance can be attributed to improving execution, customer demand and pricing.

https://www.benzinga.com/news/earnings/24/07/40008729/nov-q2-earnings-surpass-estimates-revenues-increase-yy

NOV Q2 Earnings Surpass Estimates, Revenues Increase Y/Y

NOV expects a flat or low single-digit revenue growth year over year, with adjusted EBITDA between $270 million and $305 million for the third quarter of 2024.

https://www.zacks.com/stock/news/2310556/nov-q2-earnings-surpass-estimates-revenues-increase-yy

NOV Inc (NOV) Q2 2024 Earnings: EPS of $0.57 Beats Estimates, Revenue Hits $2.22 Billion

NOV Inc (NOV) Q2 2024 Earnings: EPS of $0.57 Beats Estimates, Revenue Hits $2.22 Billion

https://www.gurufocus.com/news/2483230/nov-inc-nov-q2-2024-earnings-eps-of-057-beats-estimates-revenue-hits-222-billion

NOV Stock Earnings: NOV Beats EPS, Beats Revenue for Q2 2024

NOV (NYSE:NOV) just reported results for the second quarter of 2024. NOV reported earnings per share of 57 cents. This was above the analyst estimate for EPS of 35 cents. The company reported revenue of $2.22 billion. This was 1.19% better than the analyst estimate for revenue of $2.19 billion. InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.

https://investorplace.com/earning-results/2024/07/nov-stock-earnings-nov-for-q2-of-2024/

Nov Inc. ( NOV ) Beats Q2 Earnings and Revenue Estimates

Nov Inc. (NOV) delivered earnings and revenue surprises of 62.86% and 1.98%, respectively, for the quarter ended June 2024. Do the numbers hold clues to what lies ahead for the stock?

https://www.zacks.com/stock/news/2309570/nov-inc-nov-beats-q2-earnings-and-revenue-estimates

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National Oilwell Varco Inc. Price History

04.09.2023 - NOV Stock was down 5.2%

• NOV stock had a strong bearish movement today.
• Artemis Investment Management LLP sold a significant portion of their stake in NOV, indicating a lack of confidence in the company.
• The selling pressure from Artemis Investment Management LLP may have contributed to the bearish movement in NOV stock.
• The overall sentiment in the oil and gas exploration industry might be negative, leading to the bearish movement in NOV stock.

28.09.2023 - NOV Stock was up 6.3%

• NOV Inc. reported a rise in its Q3 bottom line, but it missed the Street estimates.
• The company's earnings and revenue for the quarter ended September 2023 were lower than expected.
• Despite the earnings miss, NOV Inc. managed to beat revenue expectations.
• The mixed results could have contributed to the bullish movement in the stock, as investors may have focused more on the positive revenue surprise.

01.03.2024 - NOV Stock was up 2.1%

• Expectations are high for NOV's forthcoming earnings conference call, reflecting positively on the stock performance.
• Shareholders are enthusiastic and confident following the disclosure of the first quarter 2024 earnings conference call.
• Positive forecasts for NOV's first quarter results are fueling a rise in the stock value.
• The webcast of the conference call at www.nov.com/investors could draw increased attention and boost NOV's stock further.

09.09.2023 - NOV Stock was up 5.1%

• The bullish movement in NOV's stock could be attributed to positive market sentiment towards the oil and gas industry, as well as the company's strong financial performance.
• The in-depth analysis mentioned in the article might have highlighted NOV's market value and potential growth prospects, leading to increased investor confidence.
• Factors such as rising oil prices, increased drilling activity, and successful cost-cutting measures by NOV could have contributed to the bullish movement.
• It is possible that the analysis also highlighted NOV's competitive position within the industry, which could have attracted investors seeking exposure to the oil and gas sector.

16.10.2023 - NOV Stock was down 5.1%

• The stock had a bearish movement today.
• Michael Burry, known for his "Big Short" bet, liquidated his holdings in NOV.
• NOV was recently upgraded from a "sell" rating to a "hold" rating by StockNews.com.

26.03.2024 - NOV Stock was down 1.9%

• Despite beating earnings and revenue estimates for Q1 2024, NOV's stock saw a bearish movement, indicating that surpassing expectations did not meet investor expectations.
• The company's announcement of a capital return plan, improved shareholder rewards, and a $1 billion share repurchase authorization may have sparked concerns regarding growth prospects and resource allocation.
• Market response implies investor disappointment with the company's future outlook or performance guidance, resulting in a stock sell-off.
• The bearish movement might also be influenced by general market conditions or sector-specific challenges affecting NOV's stock price, despite positive financial outcomes.

26.06.2024 - NOV Stock was up 5.4%

• NOV reported strong Q2 2024 earnings with EPS of $0.57, surpassing analyst estimates, and revenue reaching $2.22 billion.
• The positive earnings report indicates that NOV is performing well and potentially gaining market share in the oil and gas industry.
• Investors likely reacted positively to the news, driving the bullish movement in the stock price.
• The beat on both EPS and revenue expectations could signal to investors that NOV is effectively managing its operations and capitalizing on market opportunities, leading to increased confidence in the company's future prospects.

26.06.2024 - NOV Stock was up 8.9%

• Impressive second-quarter 2024 results were reported by NOV, surpassing both earnings per share (EPS) and revenue estimates by a significant margin.
• The company's revenue saw a 6% increase compared to the same quarter last year, while net income surged by 46%.
• International growth offset a decline in North America, demonstrating the company's ability to diversify and excel in various markets.
• The all-time high backlog, increased dividend, and strong cash flow collectively contributed to NOV's robust performance, boosting investor confidence and leading to the bullish movement in the stock price today.

01.07.2024 - NOV Stock was down 5.6%

• Despite reporting strong Q2 earnings that surpassed estimates and an increase in revenues year over year, NOV's stock saw a bearish movement.
• The market may have reacted negatively due to the company's cautious guidance for the third quarter, expecting only flat or low single-digit revenue growth.
• Investors might have been disappointed with the lack of significant growth projections, leading to a sell-off in the stock despite the positive earnings report.
• The discrepancy between the positive earnings results and the conservative future outlook could have contributed to the bearish sentiment surrounding NOV's stock today.