NOV Inc. (NYSE:NOV) Announces Dividend Increase - $0.08 Per Share

NOV Inc. (NYSE:NOV - Get Free Report) announced a quarterly dividend on Thursday, May 16th, RTT News reports. Investors of record on Friday, June 14th will be paid a dividend of 0.075 per share by the oil and gas exploration company on Friday, June 28th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.59%. This is an increase from NOV's previous quarterly dividend of $0.05.

NOV has increased its dividend by an average of 58.7% annually over the last three years.

NOV Stock Up 0.2 %

NOV traded up $0.04 on Thursday, hitting $18.89. The company had a trading volume of 3,451,126 shares, compared to its average volume of 4,107,879. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 7.59, a P/E/G ratio of 0.80 and a beta of 1.74. The stock has a fifty day moving average price of $19.07 and a 200-day moving average price of $19.04. NOV has a 12-month low of $14.05 and a 12-month high of $21.91. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.50 and a current ratio of 2.50.

NOV (NYSE:NOV - Get Free Report) last posted its earnings results on Thursday, April 25th. The oil and gas exploration company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.03. NOV had a net margin of 11.23% and a return on equity of 10.21%. The company had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.11 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. NOV's revenue for the quarter was up 9.8% compared to the same quarter last year. Analysts predict that NOV will post 1.55 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. StockNews.com raised NOV from a "sell" rating to a "hold" rating in a research report on Wednesday, January 31st. Raymond James decreased their price objective on shares of NOV from $28.00 to $25.00 and set an "outperform" rating for the company in a research report on Monday, February 5th. Stifel Nicolaus cut their price target on shares of NOV from $28.00 to $26.00 and set a "buy" rating on the stock in a research note on Monday, February 5th. Susquehanna reiterated a "positive" rating and set a $26.00 price objective on shares of NOV in a research note on Monday, April 8th. Finally, Piper Sandler reduced their target price on NOV from $25.00 to $22.00 and set a "neutral" rating for the company in a research note on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, NOV presently has a consensus rating of "Hold" and a consensus target price of $24.07.

Insiders Place Their Bets

In other news, CAO Christy Lynn Novak sold 3,500 shares of the business's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $17.43, for a total value of $61,005.00. Following the completion of the sale, the chief accounting officer now directly owns 114,212 shares in the company, valued at $1,990,715.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.85% of the company's stock.

About NOV

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.