NOV Inc. Plans Dividend of $0.21 (NYSE:NOV)

NOV Inc. (NYSE:NOV - Get Free Report) announced a dividend on Saturday, May 31st, investing.com reports. Shareholders of record on Tuesday, June 3rd will be paid a dividend of 0.21 per share by the oil and gas exploration company on Friday, June 13th. This represents a dividend yield of 3.63%. The ex-dividend date is Monday, June 2nd.

NOV has raised its dividend payment by an average of 76.5% per year over the last three years and has increased its dividend every year for the last 1 years. NOV has a payout ratio of 22.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect NOV to earn $1.65 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 18.2%.

NOV Stock Performance

NOV traded down $0.04 on Monday, hitting $11.96. The company had a trading volume of 3,792,249 shares, compared to its average volume of 3,978,162. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of 7.43, a price-to-earnings-growth ratio of 1.02 and a beta of 1.27. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.46 and a quick ratio of 1.64. The company's fifty day moving average price is $12.61 and its 200 day moving average price is $14.22. NOV has a 1-year low of $10.84 and a 1-year high of $21.20.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The oil and gas exploration company reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.06). NOV had a return on equity of 9.88% and a net margin of 7.16%. The firm had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the prior year, the company posted $0.30 earnings per share. NOV's quarterly revenue was down 2.4% on a year-over-year basis. Equities analysts predict that NOV will post 1.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NOV

Hedge funds have recently modified their holdings of the stock. Focus Partners Wealth acquired a new position in shares of NOV in the 1st quarter worth approximately $214,000. Royal Bank of Canada raised its holdings in shares of NOV by 15.6% in the 1st quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company's stock worth $756,000 after buying an additional 6,711 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of NOV by 35.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company's stock worth $2,465,000 after acquiring an additional 42,462 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of NOV by 17.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,062,292 shares of the oil and gas exploration company's stock worth $16,168,000 after acquiring an additional 157,385 shares in the last quarter. 93.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on NOV shares. Royal Bank of Canada lowered their target price on shares of NOV from $20.00 to $19.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. JPMorgan Chase & Co. dropped their price objective on NOV from $20.00 to $17.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Barclays dropped their price objective on NOV from $13.00 to $11.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 30th. Susquehanna dropped their price objective on NOV from $21.00 to $19.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. Finally, Piper Sandler dropped their price objective on NOV from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $17.50.

NOV 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 in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.