In the latest trading session, Nov Inc. (NOV) closed at $14.85, marking a +1.16% move from the previous day. This change outpaced the S&P 500's 0.21% loss on the day. At the same time, the Dow lost 0.43%, and the tech-heavy Nasdaq gained 0.03%.
Coming into today, shares of the oil and gas industry supplier had lost 22.04% in the past month. In that same time, the Business Services sector lost 12.31%, while the S&P 500 lost 9.7%.
Nov Inc. will be looking to display strength as it nears its next earnings release, which is expected to be October 27, 2022. On that day, Nov Inc. is projected to report earnings of $0.14 per share, which would represent year-over-year growth of 227.27%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.81 billion, up 34.94% from the year-ago period.
NOV's full-year Zacks Consensus Estimates are calling for earnings of $0.45 per share and revenue of $6.99 billion. These results would represent year-over-year changes of +191.84% and +26.54%, respectively.
It is also important to note the recent changes to analyst estimates for Nov Inc.These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Nov Inc. is currently a Zacks Rank #1 (Strong Buy).
In terms of valuation, Nov Inc. is currently trading at a Forward P/E ratio of 32.38. This valuation marks a premium compared to its industry's average Forward P/E of 21.61.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 161, putting it in the bottom 37% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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