Investors Purchase High Volume of Put Options on NOV (NYSE:NOV)

by · The Markets Daily

NOV Inc. (NYSE:NOV – Get Free Report) was the target of unusually large options trading activity on Wednesday. Stock traders bought 2,616 put options on the stock. This represents an increase of approximately 1,353% compared to the typical volume of 180 put options.

NOV Price Performance

Shares of NYSE NOV opened at $13.77 on Friday. NOV has a twelve month low of $10.84 and a twelve month high of $21.20. The company has a current ratio of 2.65, a quick ratio of 1.76 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $5.17 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 3.37 and a beta of 1.28. The firm has a 50-day moving average of $12.82 and a two-hundred day moving average of $13.76.

NOV (NYSE:NOV – Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.06). NOV had a net margin of 6.68% and a return on equity of 9.11%. The business had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same period in the previous year, the company posted $0.30 earnings per share. NOV’s revenue was down 2.4% compared to the same quarter last year. As a group, analysts expect that NOV will post 1.4 earnings per share for the current fiscal year.

NOV Announces Dividend

The firm also recently declared a dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, June 3rd were issued a $0.21 dividend. This represents a yield of 3.63%. The ex-dividend date of this dividend was Monday, June 2nd. NOV’s payout ratio is 20.00%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of NOV from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Piper Sandler decreased their target price on shares of NOV from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. Susquehanna decreased their target price on shares of NOV from $19.00 to $18.00 and set a “positive” rating for the company in a research report on Tuesday, July 1st. Barclays decreased their target price on shares of NOV from $13.00 to $11.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company decreased their target price on shares of NOV from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, June 5th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.38.

View Our Latest Report on NOV

Institutional Trading of NOV

A number of hedge funds have recently bought and sold shares of the company. Pzena Investment Management LLC lifted its stake in NOV by 0.3% during the first quarter. Pzena Investment Management LLC now owns 41,564,404 shares of the oil and gas exploration company’s stock valued at $632,610,000 after buying an additional 106,011 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in NOV by 2.1% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 40,487,598 shares of the oil and gas exploration company’s stock valued at $616,221,000 after buying an additional 833,158 shares in the last quarter. Vanguard Group Inc. lifted its stake in NOV by 1.5% during the first quarter. Vanguard Group Inc. now owns 39,463,027 shares of the oil and gas exploration company’s stock valued at $600,627,000 after buying an additional 566,160 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in NOV by 7.9% during the first quarter. Dimensional Fund Advisors LP now owns 18,122,455 shares of the oil and gas exploration company’s stock valued at $275,818,000 after buying an additional 1,329,327 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in NOV by 88.9% during the first quarter. AQR Capital Management LLC now owns 7,146,949 shares of the oil and gas exploration company’s stock valued at $107,276,000 after buying an additional 3,362,853 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.

NOV Company Profile

(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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