NOV Inc. Plans Quarterly Dividend of $0.08 (NYSE:NOV)

NOV Inc. (NYSE:NOV - Get Free Report) declared a quarterly dividend on Wednesday, May 21st, RTT News reports. Stockholders of record on Friday, June 13th will be paid a dividend of 0.075 per share by the oil and gas exploration company on Friday, June 27th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.42%.

NOV has increased its dividend payment by an average of 76.5% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. NOV has a payout ratio of 22.1% meaning its dividend is sufficiently covered by earnings. 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 Down 1.0%

NOV stock traded down $0.13 during midday trading on Wednesday, hitting $12.42. 116,443 shares of the stock were exchanged, compared to its average volume of 3,940,011. NOV has a 1 year low of $10.84 and a 1 year high of $21.20. The firm has a market cap of $4.66 billion, a P/E ratio of 7.73, a P/E/G 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 has a 50 day moving average price of $13.03 and a two-hundred day moving average price of $14.45.

NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Monday, April 28th. The oil and gas exploration company reported $0.19 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 during the quarter, compared to the consensus estimate of $2.11 billion. During the same quarter last year, the company posted $0.30 EPS. NOV's revenue for the quarter was down 2.4% on a year-over-year basis. On average, sell-side analysts predict that NOV will post 1.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NOV

A number of institutional investors have recently modified their holdings of NOV. Focus Partners Wealth bought a new stake in shares of NOV during the first quarter worth approximately $214,000. Royal Bank of Canada grew its holdings in NOV by 15.6% during the first quarter. Royal Bank of Canada now owns 49,721 shares of the oil and gas exploration company's stock valued at $756,000 after purchasing an additional 6,711 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in NOV by 35.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,927 shares of the oil and gas exploration company's stock valued at $2,465,000 after purchasing an additional 42,462 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in NOV by 17.4% during the first 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 valued at $16,168,000 after purchasing an additional 157,385 shares during the period. 93.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on NOV shares. Susquehanna decreased their price objective on shares of NOV from $21.00 to $19.00 and set a "positive" rating for the company in a report on Monday, April 14th. The Goldman Sachs Group cut their target price on shares of NOV from $16.00 to $13.00 and set a "sell" rating for the company in a research note on Thursday, April 10th. Royal Bank of Canada cut their target price on shares of NOV from $20.00 to $19.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Stifel Nicolaus reduced their price target on shares of NOV from $25.00 to $23.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Wells Fargo & Company upped their price target on shares of NOV from $10.00 to $11.00 and gave the company an "underweight" rating in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price 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.

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