NOV (NOV) reports Q3: everything you need to know ahead of earnings

Oilfield equipment manufacturer NOV (NYSE:NOV) will be reporting earnings this Tuesday after market hours. Here’s what you need to know.

NOV beat analysts’ revenue expectations last quarter, reporting revenues of $2.13 billion, down 2.5% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates. It reported a year-on-year other production decline of 14.9%.

Is NOV a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting NOV’s revenue to be flat year on year, improving from its flat revenue in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. NOV has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at NOV’s peers in the oilfield services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. SLB delivered year-on-year revenue growth of 5.8%, beating analysts’ expectations by 1.7%, and Halliburton reported revenues up 1.8%, topping estimates by 2.1%. Halliburton traded up 3.1% following the results.

Read our full analysis of SLB’s results here and Halliburton’s results here.

There has been positive sentiment among investors in the oilfield services segment, with share prices up 5.2% on average over the last month. NOV’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $22.08 (compared to the current share price of $19.60).

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