Turning to the calls side of the option chain, the call contract at the $80.00 strike price has a current bid of $1.79. If an investor was to purchase shares of NOV stock at the current price level of $79.17/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $80.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 3.31% if the stock gets called away at the May 30th expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if NOV shares really soar, which is why looking at the trailing twelve month trading history for National Oilwell Varco Inc, as well as studying the business fundamentals becomes important. Below is a chart showing NOV's trailing twelve month trading history, with the $80.00 strike highlighted in red:
NOV May 30th Options Begin Trading
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