President of Nov inc. Christy Novak sold $673,250 worth of stock through Investing.com
Christy Lynn Novak, Vice President, Corporate Controller, and Chief Accounting Officer at NOV Inc. (NYSE:NOV), sold most of his holdings in the company, according to a recent filing. On November 7, 2024, Novak disposed of a total of 40,953 shares of NOV Inc. common stock, yielding approximately $673,250. Shares were traded at prices ranging from $16.437 to $16.5001 per share.
Following this transaction, Novak now owns 70,131 shares directly. Additionally, he has 450 shares in an IRA account, which was not previously reported. The sale marks a significant change in Novak’s investment in the company, where he plays a key role in financial oversight.
In other recent news, global oil equipment supplier, NOV Inc., reported strong growth amid market challenges in the third quarter of 2024, with revenue of $2.19 billion, revenue of $130 million, and earnings of $0.33 per diluted share. It also increased 2% sequentially in EBITDA to $286 million and increased 7% year-over-year, improving margins to 13.1%. Despite the decline in short-cycle product demand, the company remains optimistic about long-term oil demand and . TD Cowen and JPMorgan recently updated their target price for NOV, with TD Cowen lowering it to $22 from $28 previously while maintaining a buy rating, and JPMorgan revising it to $20.00 from Previous $22.00, while maintaining the overweight rating. These changes follow NOV’s fourth-quarter guidance, which showed weaker-than-expected results due to product consolidation impacting margins. Despite anticipating weak demand for drilling equipment in early 2025, the company’s backlog reached $4.5 billion, the highest figure in five years, indicating potential growth in the future. Finally, NOV Inc. returned $109 million to shareholders through share repurchases and dividends, demonstrating its commitment to shareholder value.
InvestingPro Insights
Although Christy Lynn Novak’s recent sale of shares in NOV Inc. may raise eyebrows, it is important to consider the broader financial context of the company. According to InvestingPro data, NOV Inc. currently has a market capitalization of $6.34 billion and trades at a price-to-earnings ratio of 5.96, suggesting that the stock may be undervalued relative to its earnings.
InvestingPro Tips highlights that NOV has maintained dividend payments for 16 consecutive years, demonstrating a commitment to shareholder returns. This consensus may be encouraging for investors, especially given recent insider sales. Additionally, the company operates with a limited level of debt and has liquid assets that exceed short-term obligations, indicating a strong financial position.
Interestingly, NOV stock has seen significant returns over the past week, with a 1-week total price return of 8.97%. This recent rise, coupled with the fact that the stock generally trades on a lower price volatility, may provide some context for the timing of Novak’s sale.
For investors looking for a comprehensive analysis, InvestingPro offers 8 additional tips for NOV Inc., providing in-depth information about the company’s financial health and market conditions.
This article was created with the support of AI and reviewed by an editor. For more information see our T&C.
