NOV Sees Unusually High Options Volume (NYSE:NOV)

NOV Inc. (NYSE:NOV) saw unusually large options trading activity on Wednesday. Traders purchased 2,616 put options on the company. This represents an increase of 1,353% compared to the typical daily volume of 180 put options.

Insider Transactions at NOV

In other news, CAO Christy Lynn Novak sold 3,500 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total value of $61,005.00. Following the transaction, the chief accounting officer now directly owns 114,212 shares in the company, valued at approximately $1,990,715.16. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.59% of the company’s stock.

Hedge Funds Weigh In On NOV

Hedge funds have recently made changes to their positions in the business. Balyasny Asset Management L.P. increased its position in shares of NOV by 769.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock worth $125,048,000 after acquiring an additional 5,456,581 shares in the last quarter. FMR LLC increased its position in shares of NOV by 30.9% in the third quarter. FMR LLC now owns 18,514,921 shares of the oil and gas exploration company’s stock worth $386,962,000 after acquiring an additional 4,369,540 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of NOV by 48.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,822,009 shares of the oil and gas exploration company’s stock worth $246,962,000 after acquiring an additional 3,843,096 shares in the last quarter. Invesco Ltd. increased its position in shares of NOV by 88.0% in the first quarter. Invesco Ltd. now owns 5,810,818 shares of the oil and gas exploration company’s stock worth $113,950,000 after acquiring an additional 2,720,566 shares in the last quarter. Finally, BlackRock Inc. increased its position in shares of NOV by 6.5% in the first quarter. BlackRock Inc. now owns 36,323,702 shares of the oil and gas exploration company’s stock worth $712,308,000 after acquiring an additional 2,227,845 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

NOV Stock Up 0.4 %

NOV stock opened at $20.10 on Thursday. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 8.01, a PEG ratio of 0.37 and a beta of 1.74. The company has a current ratio of 2.40, a quick ratio of 1.51 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $18.27 and its two-hundred day moving average price is $19.27. NOV has a 52 week low of $14.05 and a 52 week high of $21.91.

NOV (NYSE:NOV) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas exploration company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $1.10. The company had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.26 billion. NOV had a net margin of 11.57% and a return on equity of 10.79%. The business’s revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS. On average, analysts expect that NOV will post 1.54 EPS for the current fiscal year.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.00%. NOV’s dividend payout ratio is currently 7.97%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on NOV shares. ATB Capital set a $33.00 price target on shares of NOV and gave the stock an “outperform” rating in a research report on Friday, December 22nd. Piper Sandler dropped their price objective on shares of NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a report on Tuesday, February 20th. Benchmark cut shares of NOV from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Stifel Nicolaus dropped their price objective on shares of NOV from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, February 5th. Finally, Raymond James dropped their price objective on shares of NOV from $28.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday, February 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $24.23.

NOV Company 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.