NOV Sees Unusually Large Options Volume (NYSE:NOV)

NOV Inc. (NYSE:NOV) was the target of some unusual options trading on Wednesday. Investors purchased 2,616 put options on the company. This represents an increase of 1,353% compared to the average volume of 180 put options.

NOV Stock Performance

NOV stock opened at $17.99 on Friday. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 7.22, a price-to-earnings-growth ratio of 0.59 and a beta of 1.70. NOV has a 1-year low of $16.77 and a 1-year high of $21.91. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The firm has a 50 day simple moving average of $18.46 and a 200-day simple moving average of $18.58.

NOV (NYSE:NOV) last announced its earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The company had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the firm posted $0.39 earnings per share. NOV’s revenue was up 5.9% compared to the same quarter last year. On average, analysts expect that NOV will post 1.61 EPS for the current year.

NOV Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Friday, June 14th. This is a boost from NOV’s previous quarterly dividend of $0.05. NOV’s dividend payout ratio is currently 12.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 30th. Piper Sandler decreased their price objective on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, July 15th. TD Cowen boosted their target price on NOV from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Benchmark reissued a “hold” rating on shares of NOV in a report on Friday, July 26th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $24.00 price objective on shares of NOV in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.08.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Raymond James & Associates boosted its position in NOV by 1.1% in the 4th quarter. Raymond James & Associates now owns 298,807 shares of the oil and gas exploration company’s stock valued at $6,060,000 after buying an additional 3,209 shares during the period. International Assets Investment Management LLC raised its holdings in NOV by 1,306.5% in the fourth quarter. International Assets Investment Management LLC now owns 3,488 shares of the oil and gas exploration company’s stock valued at $71,000 after acquiring an additional 3,240 shares in the last quarter. New York State Teachers Retirement System increased its position in shares of NOV by 2.2% in the 4th quarter. New York State Teachers Retirement System now owns 515,898 shares of the oil and gas exploration company’s stock valued at $10,462,000 after purchasing an additional 11,292 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in NOV by 7.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,354 shares of the oil and gas exploration company’s stock valued at $372,000 after buying an additional 1,197 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of NOV by 1.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 50,280 shares of the oil and gas exploration company’s stock valued at $1,020,000 after acquiring an additional 580 shares during the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.