NOV Inc. (NOV) to Issue Special Dividend of $0.09 on June 26th

NOV Inc. (NYSE:NOV) announced a special dividend on Wednesday, May 20th. Shareholders of record on Friday, June 12th will be given a dividend of 0.09 per share by the oil and gas exploration company on Friday, June 26th. This represents a yield of 180.0%. The ex-dividend date is Friday, June 12th.

NOV has increased its dividend payment by an average of 0.6%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. NOV has a payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect NOV to earn $1.32 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 27.3%.

NOV Price Performance

NYSE NOV opened at $20.84 on Wednesday. The stock’s 50-day moving average price is $20.01 and its two-hundred day moving average price is $18.53. The company has a current ratio of 2.47, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27. The company has a market cap of $7.48 billion, a PE ratio of 86.84 and a beta of 0.89. NOV has a 1 year low of $11.77 and a 1 year high of $21.55.

NOV (NYSE:NOV) last announced its earnings results on Tuesday, April 28th. The oil and gas exploration company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.12). NOV had a net margin of 1.05% and a return on equity of 3.34%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same period last year, the firm earned $0.19 earnings per share. NOV’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, analysts predict that NOV will post 0.91 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Barclays reissued an “underweight” rating and set a $21.00 target price (up from $20.00) on shares of NOV in a research note on Thursday, May 7th. The Goldman Sachs Group set a $19.00 price target on shares of NOV in a research note on Wednesday, June 3rd. Royal Bank Of Canada upped their price target on shares of NOV from $21.00 to $22.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 29th. Capital One Financial raised shares of NOV from an “equal weight” rating to an “overweight” rating and set a $26.00 price target on the stock in a research note on Thursday, June 4th. Finally, Evercore raised shares of NOV to a “hold” rating in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, NOV presently has an average rating of “Hold” and an average target price of $20.43.

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.