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

NOV Inc. (NYSE:NOV) declared a special dividend on Wednesday, May 20th. 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 180.0%. The ex-dividend date is Friday, June 12th.

NOV has increased its dividend by an average of 0.6%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. NOV has a payout ratio of 26.7% meaning 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 Trading Down 1.3%

NOV opened at $20.84 on Wednesday. The firm has a market cap of $7.48 billion, a price-to-earnings ratio of 86.84 and a beta of 0.89. The company has a current ratio of 2.47, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27. NOV has a 12 month low of $11.77 and a 12 month high of $21.55. The stock has a fifty day moving average price of $20.01 and a 200-day moving average price of $18.53.

NOV (NYSE:NOV) last released its quarterly earnings results on Tuesday, April 28th. The oil and gas exploration company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.12). The company had revenue of $2.05 billion during 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 revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 earnings per share. As a group, equities research analysts anticipate that NOV will post 0.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. The Goldman Sachs Group set a $19.00 price target on NOV in a research report on Wednesday, June 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of NOV in a research report on Friday, March 27th. Argus raised NOV to a “hold” rating in a research report on Tuesday, February 10th. Barclays reissued an “underweight” rating and issued a $21.00 price target (up from $20.00) on shares of NOV in a research report on Thursday, May 7th. Finally, Royal Bank Of Canada boosted their price target on NOV from $21.00 to $22.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock 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.