Canandaigua National Trust Co of Florida Purchases 49,471 Shares of NOV Inc. $NOV

Canandaigua National Trust Co of Florida acquired a new stake in NOV Inc. (NYSE:NOV) in the third quarter, Holdings Channel.com reports. The fund acquired 49,471 shares of the oil and gas exploration company’s stock, valued at approximately $927,000.

Other hedge funds have also made changes to their positions in the company. QRG Capital Management Inc. acquired a new position in shares of NOV in the 2nd quarter valued at $186,000. Tidal Investments LLC increased its position in shares of NOV by 41.5% during the 2nd quarter. Tidal Investments LLC now owns 103,242 shares of the oil and gas exploration company’s stock worth $1,915,000 after purchasing an additional 30,301 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of NOV during the 2nd quarter worth about $1,214,000. Integrated Wealth Concepts LLC raised its holdings in NOV by 12.8% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 14,838 shares of the oil and gas exploration company’s stock valued at $275,000 after buying an additional 1,683 shares during the period. Finally, IFP Advisors Inc lifted its position in NOV by 198.6% in the second quarter. IFP Advisors Inc now owns 1,699 shares of the oil and gas exploration company’s stock valued at $32,000 after buying an additional 1,130 shares during the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

Analyst Upgrades and Downgrades

NOV has been the subject of a number of recent analyst reports. Zacks Research cut shares of NOV from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 26th. TD Cowen upped their price objective on shares of NOV from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Morgan Stanley set a $21.00 target price on shares of NOV in a report on Wednesday, July 15th. Citigroup cut their target price on NOV from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 30th. Finally, Susquehanna upped their price target on NOV from $22.00 to $24.00 and gave the stock a “positive” rating in a research note on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, NOV presently has a consensus rating of “Hold” and a consensus target price of $21.23.

Insider Activity at NOV

In related news, Director David Harrison sold 9,594 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $19.21, for a total transaction of $184,300.74. Following the sale, the director directly owned 126,763 shares in the company, valued at approximately $2,435,117.23. This represents a 7.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.15% of the company’s stock.

NOV Stock Down 2.2%

NOV stock traded down $0.41 during mid-day trading on Wednesday, reaching $18.59. 4,238,906 shares of the company’s stock were exchanged, compared to its average volume of 4,277,463. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. NOV Inc. has a twelve month low of $12.28 and a twelve month high of $21.93. The company has a market cap of $6.63 billion, a P/E ratio of 71.49 and a beta of 0.97. The company has a fifty day moving average of $20.34 and a 200-day moving average of $19.92.

NOV (NYSE:NOV) last posted its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.14. NOV had a return on equity of 3.44% and a net margin of 1.10%.The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter in the prior year, the company earned $0.29 earnings per share. The company’s revenue was down 2.5% on a year-over-year basis. Sell-side analysts expect that NOV Inc. will post 0.99 EPS for the current year.

NOV Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, September 11th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.9%. NOV’s payout ratio is currently 138.46%.

NOV Profile

NOV Inc is a global provider of equipment, technologies and services used in the oil and gas industry and related energy markets. The company supplies products for drilling, well construction, completion, production and maintenance activities across the energy value chain.

NOV’s offerings include land and offshore drilling rigs, rig equipment, hoisting systems, top drives, mud pumps, drill bits, downhole tools, wellbore technologies, completion equipment and production systems. Its technologies are used by exploration and production companies, drilling contractors and oilfield service providers in onshore and offshore operations.

The company serves customers in major energy-producing regions around the world, including North America, South America, Europe, the Middle East, Africa and Asia-Pacific.