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Nov Inc. (NOV) Surges 6.5%: Is This an Indication of Further Gains?
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Nov Inc. (NOV - Free Report) shares ended the last trading session 6.5% higher at $17.48. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.5% gain over the past four weeks.
Shares of NOV surged yesterday, driven by a boost in WTI crude oil prices, which bounced back from intraday lows as global supply concerns stabilized. This recovery followed the dramatic U.S. capture of Venezuelan President Nicolás Maduro over the weekend, adding to a series of prior U.S. actions, including attacks and blockades on Venezuela's oil infrastructure. These moves helped mitigate potential disruptions from Venezuela’s massive proven oil reserves, which, despite their heavy, sour grade and steep discounts to WTI, have been hampered by years of underinvestment and sanctions evasion through Russia, Iran, and China. With barriers to U.S. investment easing and OPEC+ committing to steady output through the first quarter, the situation indicated tightening supply and higher energy prices. This sentiment shift provided a positive outlook for NOV, a Houston-based company specializing in oil and gas equipment and services.
This oil and gas industry supplier is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of -39%. Revenues are expected to be $2.17 billion, down 5.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nov Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NOV going forward to see if this recent jump can turn into more strength down the road.
Nov Inc. is a member of the Zacks Oil and Gas - Mechanical and and Equipment industry. One other stock in the same industry, Forum Energy Technologies (FET - Free Report) , finished the last trading session 3.3% higher at $39.51. FET has returned 8.6% over the past month.
Forum Energy's consensus EPS estimate for the upcoming report has changed -5.9% over the past month to $0.36. Compared to the company's year-ago EPS, this represents a change of +175%. Forum Energy currently boasts a Zacks Rank of #3 (Hold).
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Nov Inc. (NOV) Surges 6.5%: Is This an Indication of Further Gains?
Nov Inc. (NOV - Free Report) shares ended the last trading session 6.5% higher at $17.48. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.5% gain over the past four weeks.
Shares of NOV surged yesterday, driven by a boost in WTI crude oil prices, which bounced back from intraday lows as global supply concerns stabilized. This recovery followed the dramatic U.S. capture of Venezuelan President Nicolás Maduro over the weekend, adding to a series of prior U.S. actions, including attacks and blockades on Venezuela's oil infrastructure. These moves helped mitigate potential disruptions from Venezuela’s massive proven oil reserves, which, despite their heavy, sour grade and steep discounts to WTI, have been hampered by years of underinvestment and sanctions evasion through Russia, Iran, and China. With barriers to U.S. investment easing and OPEC+ committing to steady output through the first quarter, the situation indicated tightening supply and higher energy prices. This sentiment shift provided a positive outlook for NOV, a Houston-based company specializing in oil and gas equipment and services.
This oil and gas industry supplier is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of -39%. Revenues are expected to be $2.17 billion, down 5.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nov Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NOV going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Nov Inc. is a member of the Zacks Oil and Gas - Mechanical and and Equipment industry. One other stock in the same industry, Forum Energy Technologies (FET - Free Report) , finished the last trading session 3.3% higher at $39.51. FET has returned 8.6% over the past month.
Forum Energy's consensus EPS estimate for the upcoming report has changed -5.9% over the past month to $0.36. Compared to the company's year-ago EPS, this represents a change of +175%. Forum Energy currently boasts a Zacks Rank of #3 (Hold).