NOV Target of Unusually High Options Trading (NYSE:NOV)

NOV Inc. (NYSE:NOV) saw unusually large options trading on Wednesday. Stock traders bought 2,616 put options on the stock. This represents an increase of approximately 1,353% compared to the average daily volume of 180 put options.

Hedge Funds Weigh In On NOV

Large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its stake in NOV by 95.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 879,960 shares of the oil and gas exploration company’s stock worth $17,846,000 after buying an additional 429,104 shares in the last quarter. Wintrust Investments LLC raised its stake in NOV by 631.6% in the first quarter. Wintrust Investments LLC now owns 81,943 shares of the oil and gas exploration company’s stock worth $1,600,000 after buying an additional 70,743 shares in the last quarter. Stanley Laman Group Ltd. bought a new position in NOV in the second quarter worth approximately $4,031,000. Edmond DE Rothschild Holding S.A. raised its stake in NOV by 16.1% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 2,200,000 shares of the oil and gas exploration company’s stock worth $44,616,000 after buying an additional 305,000 shares in the last quarter. Finally, Schroder Investment Management Group increased its position in shares of NOV by 71.3% during the fourth quarter. Schroder Investment Management Group now owns 1,092,422 shares of the oil and gas exploration company’s stock worth $22,154,000 after purchasing an additional 454,665 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

NOV Stock Up 2.9 %

Shares of NYSE NOV opened at $16.90 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.61. The firm has a market capitalization of $6.68 billion, a price-to-earnings ratio of 6.79, a PEG ratio of 0.47 and a beta of 1.67. The stock has a 50 day moving average price of $17.92 and a 200 day moving average price of $18.38. NOV has a 52-week low of $15.47 and a 52-week high of $21.71.

NOV (NYSE:NOV) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas exploration company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.22. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.19 billion. NOV had a return on equity of 10.97% and a net margin of 11.88%. NOV’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 earnings per share. Sell-side analysts expect that NOV will post 1.63 earnings per share for the current year.

NOV Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Friday, September 13th. NOV’s dividend payout ratio (DPR) is 12.05%.

Wall Street Analysts Forecast Growth

NOV has been the subject of several recent research reports. Evercore ISI upgraded NOV to a “strong-buy” rating in a research report on Friday, July 26th. Morgan Stanley dropped their target price on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday. Royal Bank of Canada restated a “sector perform” rating and set a $24.00 target price on shares of NOV in a research report on Monday, July 29th. Piper Sandler dropped their target price on NOV from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Finally, TD Cowen boosted their target price on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.42.

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.