NOV Target of Unusually High Options Trading (NYSE:NOV)

NOV Inc. (NYSE:NOV) saw unusually large options trading activity on Wednesday. Traders bought 2,616 put options on the stock. This is an increase of approximately 1,353% compared to the average volume of 180 put options.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new stake in NOV in the first quarter valued at about $26,000. Riverview Trust Co acquired a new position in shares of NOV during the first quarter valued at about $39,000. GAMMA Investing LLC purchased a new position in shares of NOV in the 4th quarter valued at approximately $61,000. International Assets Investment Management LLC boosted its stake in NOV by 1,306.5% in the 4th quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock worth $71,000 after purchasing an additional 3,240 shares in the last quarter. Finally, SYSTM Wealth Solutions LLC purchased a new stake in NOV during the 1st quarter worth approximately $78,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. TD Cowen dropped their target price on shares of NOV from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Bank of America dropped their price objective on NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Piper Sandler decreased their target price on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Finally, Susquehanna reissued a “positive” rating and set a $26.00 price target on shares of NOV in a research report on Monday, April 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, NOV currently has a consensus rating of “Hold” and an average target price of $24.07.

NOV Stock Up 2.3 %

NYSE:NOV opened at $18.67 on Friday. The company’s 50-day simple moving average is $18.36 and its 200-day simple moving average is $18.62. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50. NOV has a fifty-two week low of $16.77 and a fifty-two week high of $21.91. The stock has a market capitalization of $7.38 billion, a P/E ratio of 7.50, a P/E/G ratio of 0.58 and a beta of 1.70.

NOV (NYSE:NOV) last announced 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 during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the firm earned $0.32 earnings per share. On average, equities analysts anticipate that NOV will post 1.55 earnings per share for the current fiscal year.

NOV Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.075 dividend. This is a boost from NOV’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.61%. NOV’s dividend payout ratio (DPR) is presently 12.05%.

About NOV

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.