NOV Inc. (NYSE:NOV) Declares Quarterly Dividend of $0.09

Key Points

• NOV declared a quarterly dividend of $0.09 per share, payable September 29 to shareholders of record on September 11. The annualized dividend is $0.36, with an indicated yield of approximately 1.7%.
• The dividend appears well covered, with a 26.7% payout ratio; analysts expect next year’s earnings of $1.33 per share, implying a projected payout ratio of 27.1%.
• NOV’s latest quarterly earnings exceeded expectations, with EPS of $0.31 versus the $0.17 consensus and revenue of $2.13 billion. Wall Street’s average rating is “Hold,” with a consensus price target of $21.31.

NOV Inc. (NYSE:NOV - Get Free Report) declared a quarterly dividend on Wednesday, August 19th. Stockholders of record on Friday, September 11th will be given a dividend of 0.09 per share by the oil and gas exploration company on Tuesday, September 29th. This represents a c) dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, September 11th.

NOV has increased its dividend by an average of 0.6%annually over the last three years and has increased its dividend every year for the last 1 years. NOV has a dividend payout ratio of 26.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect NOV to earn $1.33 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 27.1%.

NOV Stock Performance

Shares of NYSE:NOV traded down $0.29 during trading on Wednesday, reaching $20.70. The stock had a trading volume of 3,033,818 shares, compared to its average volume of 4,480,921. The stock has a fifty day simple moving average of $19.57 and a two-hundred day simple moving average of $19.62. The company has a quick ratio of 1.61, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. NOV has a 52 week low of $12.09 and a 52 week high of $21.67. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 79.60 and a beta of 0.92.

NOV (NYSE:NOV - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14. The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.08 billion. NOV had a net margin of 1.10% and a return on equity of 3.44%. NOV's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 EPS. As a group, analysts anticipate that NOV will post 0.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NOV. Zacks Research upgraded shares of NOV from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. Evercore raised NOV to a "hold" rating in a research report on Wednesday, April 29th. TD Cowen raised their target price on NOV from $25.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Barclays cut their price target on NOV from $21.00 to $20.00 and set an "underweight" rating for the company in a report on Friday, July 31st. Finally, Citigroup increased their price objective on NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $21.31.

NOV Company Profile

National Oilwell Varco NYSE: NOV is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV's business is organized to serve upstream energy companies around the world.

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