NOV Inc. (NYSE:NOV) Declares $0.08 Quarterly Dividend

NOV Inc. (NYSE:NOV) announced a quarterly dividend on Wednesday, May 21st, RTT News reports. Shareholders of record on Friday, June 13th will be given a dividend of 0.075 per share by the oil and gas exploration company on Friday, June 27th. This represents a $0.30 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Friday, June 13th.

NOV has raised its dividend 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 dividend payout ratio of 22.1% meaning 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 Price Performance

NYSE NOV opened at $12.18 on Friday. The company has a market cap of $4.58 billion, a PE ratio of 7.57, a price-to-earnings-growth ratio of 1.02 and a beta of 1.27. NOV has a 52 week low of $10.84 and a 52 week high of $21.20. The company has a quick ratio of 1.64, a current ratio of 2.46 and a debt-to-equity ratio of 0.26. The firm’s 50-day simple moving average is $12.94 and its two-hundred day simple moving average is $14.42.

NOV (NYSE:NOV) last released its quarterly earnings data 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). The business had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.11 billion. NOV had a net margin of 7.16% and a return on equity of 9.88%. NOV’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the company earned $0.30 earnings per share. Research analysts predict that NOV will post 1.4 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Focus Partners Wealth bought a new position in NOV during the first quarter valued at approximately $214,000. Royal Bank of Canada grew its position 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 acquiring an additional 6,711 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 acquiring an additional 42,462 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of NOV by 17.4% in 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 worth $16,168,000 after purchasing an additional 157,385 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Susquehanna lowered their price target on shares of NOV from $21.00 to $19.00 and set a “positive” rating on the stock in a report on Monday, April 14th. Morgan Stanley lowered their price target on shares of NOV from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Royal Bank of Canada lowered their price target on shares of NOV from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Raymond James increased their price target on shares of NOV from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of NOV from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, NOV currently has a consensus rating of “Hold” and a consensus price target of $17.50.

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.