Canandaigua National Bank & Trust Co. Invests $1.10 Million in NOV Inc. (NYSE:NOV)

Canandaigua National Bank & Trust Co. acquired a new stake in shares of NOV Inc. (NYSE:NOV) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 57,855 shares of the oil and gas exploration company’s stock, valued at approximately $1,100,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new position in NOV during the first quarter worth $26,000. Riverview Trust Co acquired a new position in NOV in the first quarter worth about $39,000. GAMMA Investing LLC acquired a new position in shares of NOV in the 4th quarter worth approximately $61,000. International Assets Investment Management LLC lifted its holdings in shares of NOV by 1,306.5% during the fourth quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock valued at $71,000 after acquiring an additional 3,240 shares during the period. Finally, SYSTM Wealth Solutions LLC bought a new position in NOV during the 1st quarter valued at about $78,000. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Trading Down 0.8 %

Shares of NOV stock traded down $0.15 during mid-day trading on Friday, reaching $17.84. 2,552,888 shares of the stock traded hands, compared to its average volume of 3,754,189. The stock’s fifty day simple moving average is $18.46 and its two-hundred day simple moving average is $18.58. NOV Inc. has a 1-year low of $16.77 and a 1-year high of $21.91. The company has a quick ratio of 1.64, a current ratio of 2.61 and a debt-to-equity ratio of 0.27. The company has a market cap of $7.06 billion, a price-to-earnings ratio of 7.22, a price-to-earnings-growth ratio of 0.59 and a beta of 1.70.

NOV (NYSE:NOV) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. NOV had a return on equity of 10.97% and a net margin of 11.88%. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the business posted $0.39 EPS. The business’s revenue was up 5.9% compared to the same quarter last year. On average, research analysts anticipate that NOV Inc. will post 1.61 EPS for the current fiscal year.

NOV Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.075 per share. This is an increase from NOV’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Friday, June 14th. NOV’s dividend payout ratio is currently 12.05%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NOV. TD Cowen upped their target price on shares of NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Piper Sandler decreased their price target on shares of NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Royal Bank of Canada restated a “sector perform” rating and set a $24.00 target price on shares of NOV in a report on Monday, July 29th. Benchmark reaffirmed a “hold” rating on shares of NOV in a research report on Friday, July 26th. Finally, Bank of America lowered their price objective on shares of NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.08.

NOV Company Profile

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.