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

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NOV Inc. (NYSE:NOV) was the recipient of unusually large options trading on Wednesday. Stock traders 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 equities analysts have recently commented on the stock. Morgan Stanley reduced their price objective on shares of NOV from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Monday, October 11th. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 price objective on shares of NOV in a research note on Thursday, September 9th. JPMorgan Chase & Co. upgraded shares of NOV from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $15.00 to $17.00 in a research note on Tuesday, December 14th. Wells Fargo & Company initiated coverage on shares of NOV in a research note on Sunday, September 26th. They set a “sell” rating and a $12.00 price objective for the company. Finally, Griffin Securities reiterated a “hold” rating on shares of NOV in a research note on Sunday, October 31st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, NOV presently has an average rating of “Hold” and an average price target of $16.64.

Shares of NOV stock opened at $13.51 on Friday. The firm has a 50 day moving average price of $13.46 and a two-hundred day moving average price of $13.80. The company has a quick ratio of 1.95, a current ratio of 2.67 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $5.28 billion, a PE ratio of -9.32 and a beta of 2.21. NOV has a 12-month low of $11.46 and a 12-month high of $18.02.

NOV (NYSE:NOV) last issued its quarterly earnings data on Tuesday, October 26th. The oil and gas exploration company reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.03). The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.42 billion. NOV had a negative return on equity of 6.25% and a negative net margin of 10.44%. As a group, research analysts expect that NOV will post -0.54 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 17th. Stockholders of record on Friday, December 3rd were issued a dividend of $0.05 per share. The ex-dividend date was Thursday, December 2nd. This represents a $0.20 annualized dividend and a dividend yield of 1.48%. NOV’s dividend payout ratio is presently -13.79%.

In other NOV news, Director Eric L. Mattson sold 8,157 shares of the stock in a transaction dated Thursday, October 28th. The stock was sold at an average price of $14.53, for a total transaction of $118,521.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.39% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. IFP Advisors Inc lifted its holdings in shares of NOV by 1,032.4% during the third quarter. IFP Advisors Inc now owns 2,378 shares of the oil and gas exploration company’s stock worth $31,000 after purchasing an additional 2,168 shares during the period. Cullen Frost Bankers Inc. grew its position in NOV by 370.8% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 2,095 shares of the oil and gas exploration company’s stock worth $32,000 after purchasing an additional 1,650 shares in the last quarter. NEXT Financial Group Inc grew its position in NOV by 387.3% in the 3rd quarter. NEXT Financial Group Inc now owns 2,685 shares of the oil and gas exploration company’s stock worth $35,000 after purchasing an additional 2,134 shares in the last quarter. Moors & Cabot Inc. grew its position in NOV by 65.3% in the 3rd quarter. Moors & Cabot Inc. now owns 34,000 shares of the oil and gas exploration company’s stock worth $36,000 after purchasing an additional 13,428 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in NOV in the 2nd quarter worth about $40,000. 93.15% of the stock is currently owned by institutional investors.

About NOV

NOV, Inc provides equipment and technology to the upstream oil and gas industry. It operates through the following segments: Rig Technologies, Wellbore Technologies, and Completion and Production Solutions. The Rig Technologies segment monitors its capital equipment backlog to plan its business. The Wellbore Technologies segment designs, manufactures, rents, and sells a variety of equipment and technologies used to perform drilling operations and offers services that optimize their performance.

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