Canandaigua National Trust Co of Florida Purchases New Position in NOV Inc. $NOV

Canandaigua National Trust Co of Florida acquired a new stake in shares of NOV Inc. (NYSE:NOV) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 49,471 shares of the oil and gas exploration company’s stock, valued at approximately $927,000.

A number of other large investors also recently bought and sold shares of NOV. Parkside Financial Bank & Trust boosted its position in NOV by 133.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,411 shares of the oil and gas exploration company’s stock valued at $26,000 after acquiring an additional 807 shares in the last quarter. IFP Advisors Inc raised its position in shares of NOV by 198.6% in the 2nd quarter. IFP Advisors Inc now owns 1,699 shares of the oil and gas exploration company’s stock worth $32,000 after acquiring an additional 1,130 shares in the last quarter. Root Financial Partners LLC lifted its stake in shares of NOV by 39.9% during the 1st quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock worth $36,000 after purchasing an additional 552 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in NOV during the second quarter valued at about $37,000. Finally, Altshuler Shaham Ltd raised its holdings in NOV by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 546 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

Wall Street Analyst Weigh In

NOV has been the topic of a number of analyst reports. Barclays cut their price objective on shares of NOV from $21.00 to $20.00 and set an “underweight” rating on the stock in a research report on Friday, July 31st. Susquehanna raised their target price on shares of NOV from $22.00 to $24.00 and gave the company a “positive” rating in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NOV in a report on Monday, September 21st. Zacks Research cut NOV from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 26th. Finally, Morgan Stanley set a $21.00 price target on NOV in a research note on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, NOV has an average rating of “Hold” and an average target price of $21.23.

Insider Buying and Selling

In other news, Director David Harrison sold 9,594 shares of NOV stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $19.21, for a total value of $184,300.74. Following the sale, the director owned 126,763 shares in the company, valued at $2,435,117.23. This trade represents a 7.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.15% of the company’s stock.

NOV Stock Performance

Shares of NYSE NOV traded down $0.41 during mid-day trading on Wednesday, hitting $18.59. The stock had a trading volume of 4,238,906 shares, compared to its average volume of 4,277,463. The firm has a market cap of $6.63 billion, a PE ratio of 71.49 and a beta of 0.97. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.61 and a current ratio of 2.42. The company has a 50 day moving average of $20.34 and a two-hundred day moving average of $19.92. NOV Inc. has a twelve month low of $12.28 and a twelve month high of $21.93.

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

NOV Announces Dividend

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

NOV Company 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.