Investors Buy High Volume of Put Options on NOV (NYSE:NOV)

NOV Inc. (NYSE:NOVGet Rating) was the target of some unusual options trading on Wednesday. Investors purchased 2,616 put options on the company. This represents an increase of approximately 1,353% compared to the typical volume of 180 put options.

A number of research analysts have issued reports on NOV shares. JPMorgan Chase & Co. cut NOV from an “overweight” rating to a “neutral” rating and set a $17.00 price objective for the company. in a research note on Monday, February 7th. StockNews.com started coverage on NOV in a research note on Thursday, March 31st. They set a “hold” rating for the company. Morgan Stanley lifted their price objective on NOV from $17.00 to $20.00 and gave the company an “equal weight” rating in a research note on Monday, April 11th. Citigroup lowered NOV from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $22.00 to $21.00 in a report on Monday, March 14th. Finally, The Goldman Sachs Group lowered NOV from a “neutral” rating to a “sell” rating and set a $16.00 target price for the company. in a report on Wednesday, February 23rd. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.33.

Shares of NOV opened at $18.42 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.50 and a quick ratio of 1.77. NOV has a one year low of $11.46 and a one year high of $24.06. The firm has a market capitalization of $7.24 billion, a P/E ratio of -38.38 and a beta of 1.90. The business has a fifty day moving average of $19.29 and a 200 day moving average of $16.55.

NOV (NYSE:NOVGet Rating) last issued its quarterly earnings data on Thursday, April 28th. The oil and gas exploration company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.07). NOV had a negative return on equity of 2.54% and a negative net margin of 3.18%. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.53 billion. Analysts expect that NOV will post 0.32 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, March 25th. Shareholders of record on Friday, March 11th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.09%. The ex-dividend date was Thursday, March 10th. NOV’s dividend payout ratio is presently -41.67%.

A number of large investors have recently added to or reduced their stakes in NOV. BlackRock Inc. grew its holdings in NOV by 38.4% during the third quarter. BlackRock Inc. now owns 34,167,709 shares of the oil and gas exploration company’s stock valued at $447,937,000 after purchasing an additional 9,485,235 shares during the period. Artisan Partners Limited Partnership bought a new stake in NOV during the third quarter valued at about $79,050,000. Allspring Global Investments Holdings LLC bought a new stake in NOV during the fourth quarter valued at about $70,433,000. Marshall Wace LLP bought a new stake in NOV during the fourth quarter valued at about $53,249,000. Finally, Lord Abbett & CO. LLC grew its holdings in NOV by 278.7% during the first quarter. Lord Abbett & CO. LLC now owns 5,025,305 shares of the oil and gas exploration company’s stock valued at $98,546,000 after purchasing an additional 3,698,205 shares during the period. 93.94% of the stock is owned by institutional investors and hedge funds.

About NOV (Get Rating)

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

Further Reading

Receive News & Ratings for NOV Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NOV and related companies with MarketBeat.com's FREE daily email newsletter.