Canandaigua National Bank & Trust Co. Purchases Shares of 89,375 NOV Inc. $NOV

Key Points

• Canandaigua National Bank & Trust acquired 89,375 shares of NOV during the second quarter, valued at approximately $1.66 million. Institutional investors collectively own 93.27% of NOV’s outstanding stock.
• NOV reported quarterly EPS of $0.31, exceeding the $0.17 consensus estimate, while revenue reached $2.13 billion. Revenue declined 2.5% year over year, and analysts expect full-year EPS of $0.95.
• Analyst sentiment remains mixed, with NOV holding a consensus rating of “Hold” and an average price target of $21.31, compared with shares opening at $19.51.

Canandaigua National Bank & Trust Co. acquired a new position in NOV Inc. (NYSE:NOV - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 89,375 shares of the oil and gas exploration company's stock, valued at approximately $1,658,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of NOV. Royal Bank of Canada lifted its holdings in shares of NOV by 15.6% during the 1st quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company's stock valued at $756,000 after purchasing an additional 6,711 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in NOV by 35.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company's stock worth $2,465,000 after buying an additional 42,462 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in NOV by 17.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company's stock valued at $16,168,000 after buying an additional 157,385 shares in the last quarter. Focus Partners Wealth acquired a new position in NOV during the 1st quarter valued at about $214,000. Finally, Cetera Investment Advisers purchased a new stake in NOV in the second quarter valued at about $190,000. Hedge funds and other institutional investors own 93.27% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of NOV in a research note on Wednesday, June 24th. Morgan Stanley set a $21.00 target price on NOV in a research note on Wednesday, July 15th. Zacks Research upgraded NOV from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. TD Cowen increased their price objective on NOV from $25.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Finally, Evercore upgraded NOV to a "hold" rating in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, NOV presently has an average rating of "Hold" and a consensus price target of $21.31.

Insider Transactions at NOV

In other NOV news, Director David D. Harrison sold 9,594 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $19.21, for a total value of $184,300.74. Following the completion of the transaction, the director directly owned 126,763 shares of the company's stock, valued at approximately $2,435,117.23. The trade was a 7.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.15% of the company's stock.

NOV Trading Down 2.4%

Shares of NOV stock opened at $19.51 on Thursday. The stock has a market cap of $6.96 billion, a PE ratio of 75.04 and a beta of 0.92. The firm has a fifty day moving average price of $19.54 and a 200 day moving average price of $19.47. NOV Inc. has a 1 year low of $11.77 and a 1 year high of $21.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.61.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.17 by $0.14. The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. The firm's revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 earnings per share. Equities research analysts predict that NOV Inc. will post 0.95 earnings per share for the current year.

NOV Dividend Announcement

The business also recently declared a special dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 12th were given a dividend of $0.09 per share. This represents a yield of 170.0%. The ex-dividend date was Friday, June 12th. NOV's dividend payout ratio (DPR) is currently 138.46%.

About NOV

National Oilwell Varco NYSE: NOV is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV's business is organized to serve upstream energy companies around the world.

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