Stock traders buy large volume of put options on NOV (NYSE: NOV)

NOV Inc. (NYSE:NOV – Get Rating) was the target of unusual options trades on Wednesday. Stock traders bought 2,616 put options on the company. This represents an increase of approximately 1,353% from the average daily volume of 180 put options.

Insider activity at NOV

In other NOV news, Director Greg L. Armstrong sold 10,381 shares of the company in a trade dated Monday, August 29. The stock was sold at an average price of $18.99, for a total value of $197,135.19. Following completion of the transaction, the administrator now directly owns 82,724 shares of the company, valued at $1,570,928.76. The transaction was disclosed in a legal filing with the SEC, accessible via this hyperlink. 1.59% of the shares are currently held by insiders.

NOV Institutional Trading

Several institutional investors and hedge funds have recently bought and sold shares of the company. Versor Investments LP purchased a new position in NOV stock during the second quarter worth approximately $1,300,000. Retirement Systems of Alabama increased its stake in NOV shares by 0.7% during the first quarter. Retirement Systems of Alabama now owns 515,219 shares of the oil and gas exploration company worth $10,103,000 after purchasing 3,618 additional shares during the period. Quantitative Investment Management LLC bought a new stock position in NOV during the first quarter for a value of approximately $488,000. Cordatus Wealth Management LLC purchased a new stock position in NOV during the first quarter for a value of approximately $1,611,000. Finally, Quent Capital LLC increased its equity stake in NOV by 1,360.4% during the first quarter. Quent Capital LLC now owns 1,329 shares of the oil and gas exploration company worth $26,000 after purchasing an additional 1,238 shares during the period. Institutional investors hold 97.86% of the company’s shares.

Performance of NOV shares

NOV opened at $19.58 on Thursday. The company has a debt ratio of 0.34, a quick ratio of 1.61 and a current ratio of 2.35. The company’s 50-day simple moving average is $17.54 and its 200-day simple moving average is $17.84. The company has a market capitalization of $7.69 billion, a PE ratio of -85.13 and a beta of 1.76. NOV has a 52-week low of $11.46 and a 52-week high of $24.06.

NOV (NYSE:NOV – Get Rating) last released its quarterly earnings data on Wednesday, July 27. The oil and gas exploration company reported earnings per share (EPS) of $0.18 for the quarter, beating the consensus estimate of $0.05 by $0.13. The company posted revenue of $1.73 billion for the quarter, compared to analysts’ estimates of $1.63 billion. NOV had a negative return on equity of 0.91% and a negative net margin of 1.47%. As a group, sell-side analysts expect NOV to post earnings per share of 0.49 for the current fiscal year.

NOV announces a dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30. Shareholders of record on Friday, September 16 received a dividend of $0.05. The ex-dividend date was Thursday, September 15. This represents an annualized dividend of $0.20 and a yield of 1.02%. NOV’s dividend distribution rate is -86.96%.

Analysts set new price targets

A number of research companies have published reports on NOV. Morgan Stanley raised its target price on NOV from $19.00 to $20.00 and gave the company an “equal weight” rating in a Thursday, Oct. 13 research note. Citigroup upgraded NOV from a “neutral” rating to a “buy” rating and set a target price of $25.00 for the company in a Wednesday, October 12 research note. Benchmark launched coverage on NOV in a research report on Wednesday, August 24. They set a “hold” rating for the company. Goldman Sachs Group reduced its price target on NOV from $18.00 to $16.00 and set a “sell” rating for the company in a Wednesday, July 13 research report. Finally, Bank of America upgraded NOV from a “neutral” rating to a “buy” rating and set a price target of $19.00 for the company in a Friday, September 30 research report. Three research analysts gave the stock a sell rating, five gave the stock a hold rating and four gave the stock a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.73.

About NOV

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

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