NOV Sees Unusually High Options Volume (NYSE:NOV)

Posted by Defense World Staff on Jun 15th, 2023

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

NOV Stock Up 1.8 %

Shares of NOV stock opened at $15.43 on Thursday. The company has a quick ratio of 1.47, a current ratio of 2.35 and a debt-to-equity ratio of 0.32. NOV has a 52-week low of $13.98 and a 52-week high of $24.83. The company has a market capitalization of $6.08 billion, a P/E ratio of 18.37, a P/E/G ratio of 0.23 and a beta of 1.89. The company has a 50 day moving average of $16.32 and a 200 day moving average of $19.54.

NOV (NYSE:NOV – Get Rating) last issued its earnings results on Wednesday, April 26th. The oil and gas exploration company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.10. NOV had a net margin of 4.33% and a return on equity of 6.51%. The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. The company’s revenue was up 26.7% compared to the same quarter last year. As a group, research analysts forecast that NOV will post 1.32 EPS for the current fiscal year.

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend is Thursday, June 15th. NOV’s dividend payout ratio (DPR) is 23.81%.

Wall Street Analyst Weigh In

NOV has been the subject of a number of recent analyst reports. StockNews.com started coverage on shares of NOV in a report on Thursday, May 18th. They set a “hold” rating for the company. Citigroup cut their price objective on NOV from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, April 5th. Piper Sandler decreased their target price on shares of NOV from $22.00 to $21.00 in a research report on Monday, May 1st. Susquehanna reduced their price target on shares of NOV from $29.00 to $26.00 in a research note on Monday, April 3rd. Finally, Stifel Nicolaus lowered their price objective on shares of NOV from $29.00 to $28.00 in a research report on Friday, April 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $24.13.

Institutional Trading of NOV

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of NOV by 0.9% in the third quarter. Vanguard Group Inc. now owns 38,925,240 shares of the oil and gas exploration company’s stock valued at $629,810,000 after acquiring an additional 349,025 shares during the period. BlackRock Inc. boosted its stake in NOV by 0.8% during the 1st quarter. BlackRock Inc. now owns 37,748,140 shares of the oil and gas exploration company’s stock worth $698,718,000 after purchasing an additional 284,784 shares during the period. First Eagle Investment Management LLC increased its stake in NOV by 3.0% in the fourth quarter. First Eagle Investment Management LLC now owns 37,173,025 shares of the oil and gas exploration company’s stock valued at $776,544,000 after purchasing an additional 1,072,944 shares during the period. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of NOV by 3.8% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 18,010,985 shares of the oil and gas exploration company’s stock valued at $333,383,000 after buying an additional 653,680 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of NOV by 1.0% during the first quarter. Ameriprise Financial Inc. now owns 15,398,280 shares of the oil and gas exploration company’s stock worth $285,024,000 after buying an additional 154,667 shares during the period. Institutional investors and hedge funds own 94.18% of the company’s stock.

About NOV

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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.