M&T Bank Corp Decreases Stake in NOV Inc. (NYSE:NOV)

M&T Bank Corp lessened its holdings in shares of NOV Inc. (NYSE:NOV) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,046 shares of the oil and gas exploration company’s stock after selling 2,206 shares during the period. M&T Bank Corp’s holdings in NOV were worth $800,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Truist Financial Corp grew its position in shares of NOV by 3.4% in the second quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock valued at $565,000 after purchasing an additional 991 shares in the last quarter. HM Payson & Co. grew its holdings in NOV by 2.1% in the 3rd quarter. HM Payson & Co. now owns 49,000 shares of the oil and gas exploration company’s stock valued at $783,000 after buying an additional 1,000 shares in the last quarter. KBC Group NV increased its stake in shares of NOV by 11.8% in the 3rd quarter. KBC Group NV now owns 11,060 shares of the oil and gas exploration company’s stock worth $177,000 after acquiring an additional 1,163 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of NOV by 2.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 51,567 shares of the oil and gas exploration company’s stock worth $980,000 after acquiring an additional 1,164 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of NOV by 7.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 18,960 shares of the oil and gas exploration company’s stock valued at $360,000 after acquiring an additional 1,261 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

Insider Buying and Selling

In related news, Director David D. Harrison sold 1,784 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the sale, the director now owns 110,951 shares of the company’s stock, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.85% of the stock is currently owned by insiders.

NOV Price Performance

NOV stock opened at $14.81 on Tuesday. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26. NOV Inc. has a 52-week low of $14.77 and a 52-week high of $21.23. The firm has a market cap of $5.76 billion, a PE ratio of 5.46, a price-to-earnings-growth ratio of 0.89 and a beta of 1.66. The company’s 50 day moving average is $15.80 and its two-hundred day moving average is $17.07.

NOV Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a yield of 2.03%. NOV’s dividend payout ratio (DPR) is presently 11.07%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on NOV shares. Atb Cap Markets downgraded shares of NOV from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. BMO Capital Markets reduced their price target on shares of NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Thursday, October 10th. TD Cowen decreased their price objective on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, October 28th. JPMorgan Chase & Co. cut their target price on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 3rd. Finally, Morgan Stanley decreased their price target on NOV from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.64.

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.