NOV Sees Unusually High Options Volume (NYSE:NOV)

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

NOV Trading Down 1.5 %

Shares of NOV stock traded down $0.25 during trading hours on Friday, reaching $15.96. 2,727,663 shares of the stock were exchanged, compared to its average volume of 3,712,668. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 5.98, a price-to-earnings-growth ratio of 0.94 and a beta of 1.66. NOV has a 12-month low of $14.98 and a 12-month high of $21.23. The company’s 50-day moving average price is $16.02 and its 200-day moving average price is $17.54. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26.

NOV Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Friday, December 6th. NOV’s payout ratio is presently 11.07%.

Hedge Funds Weigh In On NOV

A number of institutional investors have recently modified their holdings of the stock. Mather Group LLC. raised its holdings in NOV by 17.2% in the second quarter. Mather Group LLC. now owns 5,706 shares of the oil and gas exploration company’s stock worth $111,000 after purchasing an additional 839 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of NOV by 18.2% in the second quarter. GAMMA Investing LLC now owns 5,496 shares of the oil and gas exploration company’s stock worth $104,000 after buying an additional 848 shares during the last quarter. Quadrature Capital Ltd grew its holdings in shares of NOV by 3.1% during the first quarter. Quadrature Capital Ltd now owns 29,481 shares of the oil and gas exploration company’s stock valued at $576,000 after buying an additional 889 shares during the last quarter. Truist Financial Corp raised its stake in NOV by 3.4% in the 2nd quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock worth $565,000 after acquiring an additional 991 shares during the last quarter. Finally, HM Payson & Co. lifted its position in NOV by 2.1% during the 3rd quarter. HM Payson & Co. now owns 49,000 shares of the oil and gas exploration company’s stock worth $783,000 after acquiring an additional 1,000 shares during the period. 93.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOV has been the topic of a number of research reports. TD Cowen dropped their price target on NOV from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Bank of America cut their target price on shares of NOV from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Citigroup lowered NOV from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $21.00 to $18.00 in a research note on Monday. JPMorgan Chase & Co. cut their price target on NOV from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $24.00 price objective on shares of NOV in a research report on Monday, July 29th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, NOV presently has an average rating of “Hold” and a consensus target price of $21.64.

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.