NOV Sees Unusually High Options Volume (NYSE:NOV)

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

Institutional Investors Weigh In On NOV

Several hedge funds and other institutional investors have recently bought and sold shares of NOV. Banque Cantonale Vaudoise bought a new position in shares of NOV in the 1st quarter worth about $25,000. CoreFirst Bank & Trust acquired a new stake in NOV during the second quarter worth about $35,000. UMB Bank n.a. lifted its holdings in NOV by 114.1% in the third quarter. UMB Bank n.a. now owns 3,109 shares of the oil and gas exploration company’s stock worth $41,000 after acquiring an additional 1,657 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in NOV by 395.3% in the second quarter. Hantz Financial Services Inc. now owns 3,660 shares of the oil and gas exploration company’s stock valued at $45,000 after acquiring an additional 2,921 shares during the period. Finally, Signaturefd LLC grew its holdings in shares of NOV by 33.2% during the second quarter. Signaturefd LLC now owns 3,733 shares of the oil and gas exploration company’s stock valued at $46,000 after purchasing an additional 931 shares during the last quarter. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on NOV shares. Piper Sandler decreased their target price on NOV from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, August 14th. Zacks Research raised shares of NOV from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. JPMorgan Chase & Co. downgraded shares of NOV from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $17.00 to $15.00 in a research note on Wednesday, July 30th. Royal Bank Of Canada raised their target price on shares of NOV from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Finally, Barclays reduced their target price on shares of NOV from $14.00 to $13.00 and set an “underweight” rating on the stock in a report on Tuesday. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $15.54.

NOV Price Performance

NOV opened at $15.28 on Friday. NOV has a twelve month low of $10.84 and a twelve month high of $16.84. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 4.73 and a beta of 1.25. The company has a current ratio of 2.55, a quick ratio of 1.72 and a debt-to-equity ratio of 0.26. The company has a fifty day simple moving average of $13.69 and a 200 day simple moving average of $13.09.

NOV (NYSE:NOV) last posted its quarterly earnings data on Tuesday, October 28th. The oil and gas exploration company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.13). NOV had a net margin of 4.36% and a return on equity of 5.89%. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The company’s quarterly revenue was down .7% compared to the same quarter last year. Equities research analysts expect that NOV will post 1.4 EPS for the current fiscal year.

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.