National Oilwell Varco (NOV, Financial) released its financial results for the third quarter of the 2024 fiscal year, reporting a net profit of $130 million, marking a 14.04% increase compared to the same period last year. The company's operating revenue reached $2.191 billion, which is a slight increase of 0.32% year-over-year. Basic earnings per share were reported at $0.33.
On the balance sheet, NOV's total liabilities amounted to $4.906 billion, with short-term debt at $129 million. The debt-to-asset ratio stood at 2.33, while the current ratio was 2.58, indicating the company's liquidity and financial health.
As of the end of October 2024, 22 analysts have provided target price predictions for NOV. The average target price is $20.82, with predictions ranging from a low of $16.00 to a high of $25.00.
National Oilwell Varco is a leading supplier of oil and gas drilling equipment and products, such as downhole tools, drill pipes, and casings. It operates internationally, with nearly two-thirds of its annual revenue coming from global markets.
