NOV Inc. (NYSE:NOV – Get Rating) was the target of some unusual options trading on Wednesday. Traders acquired 2,616 put options on the company. This represents an increase of 1,353% compared to the typical volume of 180 put options.
Analyst Upgrades and Downgrades
A number of analysts have weighed in on the company. Raymond James assumed coverage on NOV in a report on Friday, December 9th. They set an “outperform” rating and a $30.00 price target for the company. Benchmark assumed coverage on NOV in a report on Thursday, January 19th. They set a “buy” rating and a $28.00 price target for the company. Morgan Stanley upgraded NOV from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $21.00 to $24.00 in a report on Wednesday, January 4th. Piper Sandler reiterated a “neutral” rating and set a $22.00 price target on shares of NOV in a report on Wednesday, February 8th. Finally, Citigroup decreased their price target on NOV from $25.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $24.44.
NOV Stock Performance
Shares of NOV opened at $18.22 on Thursday. NOV has a one year low of $13.98 and a one year high of $24.83. The company has a market cap of $7.16 billion, a PE ratio of 46.72 and a beta of 1.89. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.25 and a quick ratio of 1.51. The stock has a 50-day moving average of $21.13 and a 200-day moving average of $20.87.
NOV Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Friday, March 17th were given a $0.05 dividend. The ex-dividend date of this dividend was Thursday, March 16th. This represents a $0.20 annualized dividend and a yield of 1.10%. NOV’s payout ratio is 51.28%.
Insider Activity at NOV
In related news, Director Eric L. Mattson sold 20,681 shares of the stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $21.90, for a total value of $452,913.90. Following the completion of the sale, the director now directly owns 46,600 shares in the company, valued at $1,020,540. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Christy Lynn Novak sold 9,607 shares of the stock in a transaction on Monday, February 27th. The stock was sold at an average price of $21.86, for a total value of $210,009.02. Following the completion of the sale, the chief accounting officer now directly owns 84,600 shares in the company, valued at $1,849,356. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric L. Mattson sold 20,681 shares of the stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $21.90, for a total value of $452,913.90. Following the completion of the sale, the director now owns 46,600 shares of the company’s stock, valued at $1,020,540. The disclosure for this sale can be found here. 1.59% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On NOV
Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in shares of NOV by 16.6% during the 1st quarter. JPMorgan Chase & Co. now owns 762,999 shares of the oil and gas exploration company’s stock worth $14,961,000 after buying an additional 108,845 shares in the last quarter. Raymond James & Associates lifted its position in shares of NOV by 15.4% during the 1st quarter. Raymond James & Associates now owns 175,860 shares of the oil and gas exploration company’s stock worth $3,449,000 after buying an additional 23,430 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of NOV by 8.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 13,935 shares of the oil and gas exploration company’s stock worth $273,000 after buying an additional 1,079 shares in the last quarter. US Bancorp DE lifted its position in shares of NOV by 2.0% during the 1st quarter. US Bancorp DE now owns 39,557 shares of the oil and gas exploration company’s stock worth $777,000 after buying an additional 788 shares in the last quarter. Finally, HighTower Advisors LLC lifted its position in shares of NOV by 7.8% during the 1st quarter. HighTower Advisors LLC now owns 40,976 shares of the oil and gas exploration company’s stock worth $801,000 after buying an additional 2,962 shares in the last quarter. Institutional investors own 94.18% of the company’s stock.
About NOV
NOV, Inc provides equipment and technology to the upstream oil and gas industry. It operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment focuses on the engineering, manufacturing, and support of advanced drilling equipment packages and related capital equipment for oil and gas wells.
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