Traders Buy Large Volume of Put Options on NOV (NYSE:NOV)

NOV Inc. (NYSE:NOVGet Free Report) saw some unusual options trading on Wednesday. Investors purchased 2,616 put options on the company. This is an increase of 1,353% compared to the typical volume of 180 put options.

Wall Street Analysts Forecast Growth

NOV has been the topic of a number of recent analyst reports. TD Cowen lowered their price target on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Susquehanna restated a “positive” rating and issued a $26.00 price objective on shares of NOV in a research report on Monday, April 8th. Finally, Piper Sandler decreased their target price on NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.07.

Check Out Our Latest Report on NOV

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC purchased a new position in NOV during the 3rd quarter valued at about $214,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of NOV by 3.7% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 37,274 shares of the oil and gas exploration company’s stock valued at $779,000 after acquiring an additional 1,323 shares in the last quarter. Pathstone Family Office LLC acquired a new position in NOV during the 3rd quarter worth $287,000. HighTower Advisors LLC increased its holdings in NOV by 4.2% during the 3rd quarter. HighTower Advisors LLC now owns 87,428 shares of the oil and gas exploration company’s stock worth $1,824,000 after purchasing an additional 3,537 shares during the period. Finally, Campbell & CO Investment Adviser LLC boosted its stake in shares of NOV by 25.5% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 22,752 shares of the oil and gas exploration company’s stock valued at $476,000 after buying an additional 4,628 shares during the period. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Stock Performance

NYSE NOV opened at $17.90 on Friday. The stock’s fifty day moving average is $18.70 and its two-hundred day moving average is $18.86. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50. The firm has a market capitalization of $7.08 billion, a P/E ratio of 7.19, a price-to-earnings-growth ratio of 0.56 and a beta of 1.70. NOV has a fifty-two week low of $14.85 and a fifty-two week high of $21.91.

NOV (NYSE:NOVGet Free Report) last posted its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.03. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. NOV had a net margin of 11.23% and a return on equity of 10.21%. NOV’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 EPS. On average, research analysts anticipate that NOV will post 1.56 earnings per share for the current year.

NOV Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.68%. This is an increase from NOV’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Friday, June 14th. NOV’s dividend payout ratio (DPR) is presently 8.03%.

About NOV

(Get Free Report)

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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