Canandaigua National Bank & Trust Co. Boosts Stake in NOV Inc. (NYSE:NOV)

Canandaigua National Bank & Trust Co. grew its stake in shares of NOV Inc. (NYSE:NOV) by 3.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 59,895 shares of the oil and gas exploration company’s stock after buying an additional 2,040 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in NOV were worth $874,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB purchased a new stake in NOV during the 4th quarter worth about $2,514,000. Tidal Investments LLC lifted its stake in shares of NOV by 20.8% during the third quarter. Tidal Investments LLC now owns 21,200 shares of the oil and gas exploration company’s stock valued at $339,000 after buying an additional 3,645 shares during the period. Barclays PLC boosted its position in NOV by 120.1% during the third quarter. Barclays PLC now owns 473,545 shares of the oil and gas exploration company’s stock worth $7,561,000 after acquiring an additional 258,392 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of NOV during the 3rd quarter worth $1,713,000. Finally, XTX Topco Ltd acquired a new stake in shares of NOV during the third quarter worth $955,000. 93.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on NOV shares. Piper Sandler started coverage on NOV in a report on Thursday, December 19th. They issued a “neutral” rating and a $17.00 price target for the company. Citigroup downgraded shares of NOV from a “buy” rating to a “neutral” rating and cut their price target for the stock from $21.00 to $18.00 in a research note on Monday, November 11th. JPMorgan Chase & Co. dropped their price objective on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Barclays lowered their price target on NOV from $16.00 to $12.00 and set an “underweight” rating for the company in a research report on Wednesday, December 18th. Finally, TD Cowen reduced their price objective on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.14.

Insider Transactions at NOV

In other NOV news, Director David D. Harrison sold 1,784 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total transaction of $28,722.40. Following the completion of the transaction, the director now directly owns 110,951 shares of the company’s stock, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.85% of the company’s stock.

NOV Stock Performance

NYSE:NOV opened at $14.78 on Tuesday. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 5.45, a price-to-earnings-growth ratio of 0.87 and a beta of 1.66. NOV Inc. has a one year low of $13.94 and a one year high of $21.23. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57. The business’s 50-day simple moving average is $15.43 and its 200 day simple moving average is $16.72.

NOV Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Friday, December 6th. NOV’s dividend payout ratio (DPR) is currently 11.07%.

NOV 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.