Options Trading Alert: NOV Sees Unusual Volume – What You Should Know?

NOV Stock

NOV Inc. (NOV:NYE) experienced significant options trading activity on Wednesday, with traders acquiring 2,616 put options on the company, representing an increase of about 1,353% compared to the typical daily volume.

Meanwhile, a number of research analysts have issued reports on the NOV stock. Benchmark set a price target of $28.00 and assigned a “buy” rating, while Barclays, Susquehanna, Citigroup, and Morgan Stanley lowered their price targets. As of the most recent Stock Target Advisor data, NOV stock has a consensus rating of “Buy” with a consensus target price of $25.30.

 

NOV Stock Price Analysis:

NOV stock opened at $15.31 on Thursday, with a 50-day moving average of $19.00 and a 200-day moving average of $20.99. The company has a market cap of $6.03 billion, a PE ratio of 18.23, and a beta of 1.89. Analysts expect NOV to post $1.18 earnings per share for the current year.

 

NOV Stock Dividend:

NOV recently announced a quarterly dividend of $0.05 per share, representing a yield of 1.31%. Insiders have also been active in trading NOV stock, with Director Eric L. Mattson selling shares and owning 46,600 shares in the company, while CAO Christy Lynn Novak sold 9,607 shares. Institutional investors have also been active, with Echo Street Capital Management LLC and Dimensional Fund Advisors LP increasing their stakes.

 

Hedge Funds & Institutional Holdings:

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOV. Commonwealth Bank of Australia increased its stake in NOV by 44.5% during the 3rd quarter. Commonwealth Bank of Australia now owns 17,377 shares of the oil and gas exploration NOV stock worth $281,000 after purchasing an additional 5,347 shares in the last quarter.

BlackRock Inc. increased its stake in NOV by 1.4% during the 3rd quarter. BlackRock Inc. now owns 38,216,760 shares of the oil and gas exploration company’s stock worth $618,094,000 after purchasing an additional 522,852 shares in the last quarter.

Bank of Montreal increased its stake in NOV by 77.6% during the 4th quarter. Bank of Montreal Can now owns 1,158,572 shares of the oil and gas exploration company’s stock worth $27,141,000 after purchasing an additional 506,051 shares in the last quarter.

Finally, Suntrust Banks Inc. increased its stake in NOV by 15.8% during the 4th quarter. Suntrust Banks Inc. now owns 21,248 shares of NOV stock worth $497,000 after purchasing an additional 2,891 shares in the last quarter.

 

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 worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.

The company was formerly known as National Oilwell Varco, Inc. and changed its name to NOV Inc. in January 2021. NOV Inc. was founded in 1862 and is based in Houston, Texas.

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