NOV Inc. (NOV) may enjoy gains as insiders got busy in the recent days


NOV Inc.’s filing revealed that its VP, Corp. Controller, CAO Novak Christy Lynn unloaded Company’s shares for reported $0.11 million on Nov 04. In the deal valued at $23.17 per share,4,575 shares were sold. As a result of this transaction, Novak Christy Lynn now holds 64,086 shares worth roughly $ 1.53 million.

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Then, Joseph Isaac H. sold 2,500 shares, generating $56,925 in total proceeds. Upon selling the shares at $22.77, the insider now owns 190,611 shares.

Before that, HARRISON DAVID D sold 3,112 shares. NOV Inc. shares valued at $52,941 were divested by the Director at a price of $17.01 per share. As a result of the transaction, HARRISON DAVID D now holds 91,185 shares, worth roughly $2.18 million.

Wells Fargo upgraded its NOV Inc. [NOV] rating to an Equal weight from a an Underweight in a research note published on Monday, November 07, 2022; the price target was increased to $25 from $16. PT values the company’s stock at a premium of 4.24 to its Monday closing price. A number of analysts have revised their coverage, including Citigroup’s analysts, who increased its forecast for the stock in mid October from “a Neutral” to “a Buy”. BofA Securities also remained covering NOV and has increased its forecast on September 30, 2022 with a “Buy” recommendation from previously “Neutral” rating. The Benchmark Company started covering the stock on August 25, 2022. It rated NOV as “a Hold”.

Price Performance Review of NOV

On Monday, NOV Inc. [NYSE:NOV] saw its stock jump 3.10% to $23.94. On the same session, the stock had its day’s lowest price of $23.36, but rose to a high of $24.25. Over the last five days, the stock has gained 6.88%. NOV Inc. shares have risen nearly 76.68% since the year began. Nevertheless, the stocks have risen 63.30% over the past one year. While a 52-week high of $24.06 was reached on 11/07/22, a 52-week low of $11.46 was recorded on 01/03/22. SMA at 50 days reached $18.61, while 200 days put it at $18.19. A total of 3.62 million shares were traded, compared to the trading of 0.71 million shares in the previous session.

Levels Of Support And Resistance For NOV Stock

The 24-hour chart illustrates a support level at 23.45, which if violated will result in even more drops to 22.96. On the upside, there is a resistance level at 24.34. A further resistance level may holdings at 24.74. The Relative Strength Index (RSI) on the 14-day chart is 72.54, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.26, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 5.08%. Stochastics %K at 93.02% indicates the stock is a selling.

How much short interest is there in NOV Inc.?

A steep rise in short interest was recorded in NOV Inc. stocks on Jul 14, 2022, growing by 2.38 million shares to a total of 14.25 million shares. Yahoo Finance data shows the prior-month short interest on Jun 14, 2022 was 11.87 million shares. There was a rise of 16.7%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 4.07% of the overall stock float, the days-to-cover ratio (short ratio) rose to 2.92.

NOV Inc. [NOV] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 38,104,994 shares, or roughly 9.70% of the outstanding NOV shares. In other words, the investor’s shares have risen by 440,125 from its previous 13-F filing of 37664869.0. Additionally, Pzena Investment Management LLC decreased -4.14% of its stake after which the total value it holdings stand at $571,501,514, while First Eagle Investment Management added 0.08% of its stake to hold $549.12 million in the firm. Over the last quarter, BlackRock Fund Advisors purchased 279,614 shares of NOV Inc., while Hotchkis & Wiley Capital Manageme bought -2,335,271 shares. At present, Harris Associates LP is holding 17,882,097 shares valued at $289.33 million. Fidelity Management & Research Co owned 15,240,392 shares of the company at the time of its most recent 13F filing, worth $246.59 million.

According to FactSet, NOV Inc.’s share price will average $24.32 in the next year, based on opinions of analysts polled by the firm. This is up nearly 7.67 percent from its previous closing price of $23.22. Analysts expect NOV Inc. stock to reach the higher price of $29.00, while the lowest price estimate is $17.00. However, 24 analysts have rated NOV stock as an Overweight in their predictions for 2022.


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