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

NOV Inc. (NYSE:NOV) was the recipient of some unusual options trading on Wednesday. Traders acquired 2,616 put options on the stock. This is an increase of 1,353% compared to the average volume of 180 put options.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of NOV during the second quarter valued at approximately $125,000. Sanctuary Advisors LLC purchased a new position in shares of NOV during the second quarter valued at about $285,000. Truist Financial Corp grew its position in shares of NOV by 3.4% during the second quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock valued at $565,000 after purchasing an additional 991 shares in the last quarter. Creative Planning grew its position in shares of NOV by 29.8% during the second quarter. Creative Planning now owns 33,815 shares of the oil and gas exploration company’s stock valued at $643,000 after purchasing an additional 7,757 shares in the last quarter. Finally, Algert Global LLC grew its position in shares of NOV by 9.1% during the second quarter. Algert Global LLC now owns 226,234 shares of the oil and gas exploration company’s stock valued at $4,301,000 after purchasing an additional 18,777 shares in the last quarter. Hedge funds and other institutional investors own 93.27% of the company’s stock.

NOV Price Performance

NOV stock opened at $16.44 on Thursday. The stock has a market capitalization of $6.50 billion, a PE ratio of 6.60, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The company’s 50-day moving average is $17.94 and its 200-day moving average is $18.39. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. NOV has a 1 year low of $15.47 and a 1 year high of $21.71.

NOV (NYSE:NOV) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the company posted $0.39 earnings per share. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. Equities research analysts expect that NOV will post 1.63 EPS for the current fiscal year.

NOV Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.30 dividend on an annualized basis and a yield of 1.82%. NOV’s payout ratio is 12.05%.

Wall Street Analysts Forecast Growth

NOV has been the topic of several research reports. Bank of America dropped their target price on NOV from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. TD Cowen increased their price objective on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a report on Monday, July 29th. Evercore ISI raised NOV to a “strong-buy” rating in a report on Friday, July 26th. 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 note on Monday, July 15th. Finally, Morgan Stanley decreased their target price on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, NOV currently has a consensus rating of “Moderate Buy” and an average target price of $24.42.

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.