Stock Traders Purchase Large Volume of Call Options on NOV (NYSE:NOV)

NOV Inc. (NYSE:NOVGet Free Report) was the target of some unusual options trading on Tuesday. Stock traders bought 6,977 call options on the company. This is an increase of approximately 609% compared to the typical volume of 984 call options.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. StockNews.com upgraded shares of NOV from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Stifel Nicolaus reduced their price objective on NOV from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, February 5th. JPMorgan Chase & Co. raised NOV from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $22.00 to $25.00 in a report on Friday, December 8th. ATB Capital set a $33.00 price target on NOV and gave the company an “outperform” rating in a report on Friday, December 22nd. Finally, Piper Sandler dropped their price target on shares of NOV from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $24.23.

View Our Latest Stock Analysis on NOV

Insider Buying and Selling at NOV

In other NOV news, CAO Christy Lynn Novak sold 3,500 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $17.43, for a total transaction of $61,005.00. Following the transaction, the chief accounting officer now directly owns 114,212 shares of the company’s stock, valued at approximately $1,990,715.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.77% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NOV. Balyasny Asset Management L.P. raised its holdings in shares of NOV by 769.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 6,166,061 shares of the oil and gas exploration company’s stock valued at $125,048,000 after purchasing an additional 5,456,581 shares in the last quarter. FMR LLC raised its stake in NOV by 30.9% in the third quarter. FMR LLC now owns 18,514,921 shares of the oil and gas exploration company’s stock worth $386,962,000 after buying an additional 4,369,540 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in NOV by 48.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,822,009 shares of the oil and gas exploration company’s stock worth $246,962,000 after buying an additional 3,843,096 shares during the period. Invesco Ltd. increased its holdings in shares of NOV by 88.0% in the 1st quarter. Invesco Ltd. now owns 5,810,818 shares of the oil and gas exploration company’s stock valued at $113,950,000 after acquiring an additional 2,720,566 shares during the period. Finally, BlackRock Inc. raised its position in shares of NOV by 6.5% in the 1st quarter. BlackRock Inc. now owns 36,323,702 shares of the oil and gas exploration company’s stock worth $712,308,000 after acquiring an additional 2,227,845 shares in the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

NOV Trading Up 0.4 %

Shares of NOV stock opened at $20.10 on Thursday. NOV has a 1 year low of $14.05 and a 1 year high of $21.91. The firm has a fifty day moving average price of $18.27 and a 200-day moving average price of $19.27. The company has a market cap of $7.92 billion, a price-to-earnings ratio of 8.01, a PEG ratio of 0.37 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.40 and a quick ratio of 1.51.

NOV (NYSE:NOVGet Free Report) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas exploration company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $1.10. NOV had a return on equity of 10.79% and a net margin of 11.57%. The company had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the previous year, the company posted $0.26 EPS. The firm’s revenue was up 13.0% on a year-over-year basis. As a group, equities analysts predict that NOV will post 1.54 earnings per share for the current year.

NOV Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend was Wednesday, March 13th. NOV’s dividend payout ratio (DPR) is presently 7.97%.

About NOV

(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.

Further Reading

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