NOV Inc. (NYSE:NOV) to Issue $0.09 Special Dividend

NOV Inc. (NYSE:NOV) announced a special dividend on Thursday, May 21st. Investors of record on Friday, June 12th will be paid a dividend of 0.09 per share by the oil and gas exploration company on Friday, June 26th. This represents a yield of 173.0%. The ex-dividend date of this dividend is Friday, June 12th.

NOV has raised its dividend payment by an average of 0.6%annually over the last three years and has increased its dividend annually for the last 1 consecutive years. NOV has a dividend payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect NOV to earn $1.30 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 27.7%.

NOV Price Performance

NYSE:NOV traded down $0.32 during trading hours on Thursday, reaching $20.83. 2,699,948 shares of the company’s stock were exchanged, compared to its average volume of 4,942,039. The company has a market capitalization of $7.48 billion, a P/E ratio of 86.79 and a beta of 0.92. NOV has a 12 month low of $11.65 and a 12 month high of $21.38. The company has a quick ratio of 1.66, a current ratio of 2.47 and a debt-to-equity ratio of 0.27. The business’s 50-day simple moving average is $19.55 and its two-hundred day simple moving average is $18.00.

NOV (NYSE:NOV) last issued its earnings results on Monday, April 27th. The oil and gas exploration company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.12). The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.05 billion. NOV had a return on equity of 3.34% and a net margin of 1.05%.The company’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 earnings per share. Sell-side analysts expect that NOV will post 0.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group raised their target price on shares of NOV from $17.00 to $20.00 and gave the stock a “sell” rating in a report on Wednesday, March 4th. Piper Sandler upped their price target on shares of NOV from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Weiss Ratings restated a “hold (c)” rating on shares of NOV in a research report on Friday, March 27th. Citigroup upped their price target on shares of NOV from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Wednesday, February 11th. Finally, Evercore upgraded shares of NOV to a “hold” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, NOV currently has an average rating of “Hold” and a consensus price target of $19.36.

About NOV

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.