M&T Bank Corp Sells 8,064 Shares of NOV Inc. (NYSE:NOV)

M&T Bank Corp lessened its stake in shares of NOV Inc. (NYSE:NOV) by 18.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,637 shares of the oil and gas exploration company’s stock after selling 8,064 shares during the quarter. M&T Bank Corp’s holdings in NOV were worth $558,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of NOV. Huntington National Bank boosted its position in NOV by 88.7% during the 4th quarter. Huntington National Bank now owns 2,200 shares of the oil and gas exploration company’s stock valued at $32,000 after acquiring an additional 1,034 shares in the last quarter. Covestor Ltd boosted its position in NOV by 282.9% during the 4th quarter. Covestor Ltd now owns 2,240 shares of the oil and gas exploration company’s stock valued at $33,000 after acquiring an additional 1,655 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in NOV during the 1st quarter valued at $36,000. Signaturefd LLC boosted its position in shares of NOV by 41.3% in the 4th quarter. Signaturefd LLC now owns 2,587 shares of the oil and gas exploration company’s stock worth $38,000 after purchasing an additional 756 shares in the last quarter. Finally, CoreFirst Bank & Trust acquired a new stake in shares of NOV in the 4th quarter worth $41,000. Institutional investors own 93.27% of the company’s stock.

NOV Price Performance

Shares of NOV stock opened at $12.82 on Wednesday. The company has a quick ratio of 1.76, a current ratio of 2.65 and a debt-to-equity ratio of 0.26. NOV Inc. has a twelve month low of $10.84 and a twelve month high of $21.20. The business has a 50-day moving average price of $12.89 and a 200 day moving average price of $13.73. The firm has a market cap of $4.82 billion, a PE ratio of 8.54, a P/E/G ratio of 3.35 and a beta of 1.28.

NOV (NYSE:NOV) last announced its quarterly earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.06). NOV had a net margin of 6.68% and a return on equity of 9.11%. The business had revenue of $2.10 billion during the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter in the prior year, the firm earned $0.30 EPS. NOV’s revenue for the quarter was down 2.4% on a year-over-year basis. Sell-side analysts predict that NOV Inc. will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The company also recently disclosed a dividend, which was paid on Friday, June 13th. Investors of record on Tuesday, June 3rd were issued a $0.21 dividend. This represents a yield of 3.63%. The ex-dividend date of this dividend was Monday, June 2nd. NOV’s payout ratio is 20.00%.

Analyst Ratings Changes

A number of analysts have recently weighed in on NOV shares. The Goldman Sachs Group lowered their price objective on NOV from $16.00 to $13.00 and set a “sell” rating for the company in a research report on Thursday, April 10th. Wells Fargo & Company lowered their price objective on NOV from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, June 5th. Stifel Nicolaus lowered their price objective on NOV from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Morgan Stanley lowered their price objective on NOV from $18.00 to $15.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Finally, Barclays lowered their price objective on NOV from $13.00 to $11.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $17.38.

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.