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

NOV Inc. (NYSE:NOV) announced a special dividend on Thursday, May 21st. 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 173.0%. The ex-dividend date 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 payout ratio of 26.7% meaning its dividend is sufficiently covered by earnings. 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 Stock Performance

NYSE NOV traded down $0.32 on Thursday, hitting $20.83. 2,699,948 shares of the stock were exchanged, compared to its average volume of 4,942,039. The company has a market capitalization of $7.48 billion, a PE ratio of 86.79 and a beta of 0.92. The business’s fifty day moving average is $19.55 and its 200 day moving average is $18.00. NOV has a 52 week low of $11.65 and a 52 week high of $21.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.47 and a quick ratio of 1.66.

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

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.