Stock Traders Buy Large Volume of NOV Put Options (NYSE:NOV)

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

NOV Stock Down 0.5 %

NOV stock opened at $14.43 on Friday. The company has a market capitalization of $5.61 billion, a PE ratio of 5.32, a PEG ratio of 0.87 and a beta of 1.66. NOV has a 12-month low of $13.94 and a 12-month high of $21.23. The firm’s fifty day moving average is $15.54 and its 200 day moving average is $16.90. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.26.

NOV Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were given a dividend of $0.075 per share. The ex-dividend date was Friday, December 6th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.08%. NOV’s dividend payout ratio (DPR) is presently 11.07%.

Insiders Place Their Bets

In other NOV news, Director David D. Harrison sold 1,784 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $16.10, for a total value of $28,722.40. Following the completion of the transaction, the director now directly owns 110,951 shares in the company, valued at approximately $1,786,311.10. This trade represents a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.85% of the company’s stock.

Institutional Trading of NOV

Several large investors have recently made changes to their positions in the company. Rothschild Investment LLC bought a new stake in NOV during the 2nd quarter valued at $28,000. Quarry LP bought a new stake in shares of NOV during the third quarter worth about $36,000. American National Bank & Trust acquired a new stake in shares of NOV in the 3rd quarter worth about $39,000. International Assets Investment Management LLC lifted its position in NOV by 1,590.1% in the 3rd quarter. International Assets Investment Management LLC now owns 2,907 shares of the oil and gas exploration company’s stock valued at $46,000 after acquiring an additional 2,735 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in NOV during the 3rd quarter valued at about $48,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NOV has been the subject of a number of research reports. Wells Fargo & Company dropped their price objective on shares of NOV from $16.00 to $15.00 and set an “underweight” rating for the company in a report on Monday, November 4th. Barclays cut their price target on shares of NOV from $16.00 to $12.00 and set an “underweight” rating on the stock in a report on Wednesday, December 18th. Morgan Stanley decreased their price objective on NOV from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Monday, September 16th. BMO Capital Markets cut their target price on NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a report on Thursday, October 10th. Finally, Piper Sandler began coverage on NOV in a research report on Thursday, December 19th. They issued a “neutral” rating and a $17.00 price target on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NOV presently has a consensus rating of “Hold” and a consensus price target of $20.14.

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.