Canandaigua National Trust Co of Florida Acquires 41,235 Shares of NOV Inc. $NOV

Key Points

• Canandaigua National Trust Co of Florida significantly increased its stake in NOV Inc. by 114% during Q2, acquiring an additional 41,235 shares to bring their total holdings to 77,394 shares valued at approximately $962,000.
• Analysts have mixed views on NOV, with JPMorgan Chase downgrading the stock from "overweight" to "neutral" and adjusting its price target from $17 to $15, while other firms like Stifel Nicolaus have maintained a "buy" rating with a lower target of $20.
• NOV recently declared a quarterly dividend of $0.075 per share, which will be paid on September 26th, resulting in an annualized yield of 2.3% based on current stock prices.

Canandaigua National Trust Co of Florida raised its holdings in shares of NOV Inc. (NYSE:NOV - Free Report) by 114.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 77,394 shares of the oil and gas exploration company's stock after purchasing an additional 41,235 shares during the period. Canandaigua National Trust Co of Florida's holdings in NOV were worth $962,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in NOV. AQR Capital Management LLC increased its stake in shares of NOV by 88.9% during the first quarter. AQR Capital Management LLC now owns 7,146,949 shares of the oil and gas exploration company's stock valued at $107,276,000 after purchasing an additional 3,362,853 shares in the last quarter. Nuveen LLC bought a new stake in shares of NOV during the first quarter valued at approximately $33,742,000. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of NOV during the first quarter valued at approximately $23,589,000. Dimensional Fund Advisors LP increased its position in shares of NOV by 7.9% during the first quarter. Dimensional Fund Advisors LP now owns 18,122,455 shares of the oil and gas exploration company's stock valued at $275,818,000 after acquiring an additional 1,329,327 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in shares of NOV during the first quarter valued at approximately $19,915,000. Institutional investors own 93.27% of the company's stock.

Wall Street Analysts Forecast Growth

NOV has been the subject of several analyst reports. JPMorgan Chase & Co. downgraded shares of NOV from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $17.00 to $15.00 in a research report on Wednesday, July 30th. Stifel Nicolaus reduced their price target on shares of NOV from $22.00 to $20.00 and set a "buy" rating for the company in a research report on Wednesday, July 30th. Susquehanna set a $17.00 price target on shares of NOV and gave the company a "positive" rating in a research report on Wednesday, July 30th. Royal Bank Of Canada reduced their price target on shares of NOV from $19.00 to $18.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company dropped their target price on shares of NOV from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Thursday, June 5th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, NOV currently has a consensus rating of "Hold" and a consensus price target of $16.56.

NOV Trading Down 3.2%

Shares of NOV stock opened at $12.89 on Monday. The company's fifty day simple moving average is $12.89 and its 200-day simple moving average is $13.04. The stock has a market capitalization of $4.79 billion, a PE ratio of 10.57, a P/E/G ratio of 3.69 and a beta of 1.34. NOV Inc. has a 1-year low of $10.84 and a 1-year high of $17.12. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.58 and a quick ratio of 1.72.

NOV (NYSE:NOV - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The oil and gas exploration company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). The business had revenue of $2.19 billion for the quarter, compared to analysts' expectations of $2.16 billion. NOV had a return on equity of 7.25% and a net margin of 5.36%.The company's revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 EPS. NOV has set its Q3 2025 guidance at EPS. As a group, equities analysts anticipate that NOV Inc. will post 1.4 earnings per share for the current year.

NOV Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, September 12th. NOV's dividend payout ratio (DPR) is currently 24.59%.

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.

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