NOV Inc. (NYSE:NOV) to Issue Quarterly Dividend of $0.05

NOV Inc. (NYSE:NOV) announced a quarterly dividend on Thursday, November 16th, RTT News reports. Investors of record on Friday, December 8th will be paid a dividend of 0.05 per share by the oil and gas exploration company on Friday, December 22nd. This represents a $0.20 annualized dividend and a dividend yield of 1.07%.

NOV has a dividend payout ratio of 11.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect NOV to earn $1.78 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 11.2%.

NOV Trading Down 4.7 %

NYSE NOV opened at $18.73 on Friday. The firm’s 50 day moving average price is $20.13 and its two-hundred day moving average price is $18.45. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.43 and a current ratio of 2.39. NOV has a twelve month low of $14.05 and a twelve month high of $24.83. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 0.29 and a beta of 1.87.

NOV (NYSE:NOV) last posted its quarterly earnings results on Thursday, October 26th. The oil and gas exploration company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.06). NOV had a return on equity of 9.28% and a net margin of 6.00%. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the business posted $0.08 earnings per share. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. Equities analysts anticipate that NOV will post 1.41 EPS for the current year.

Institutional Investors Weigh In On NOV

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in shares of NOV by 48.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,822,009 shares of the oil and gas exploration company’s stock worth $246,962,000 after purchasing an additional 3,843,096 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of NOV by 88.0% in the 1st quarter. Invesco Ltd. now owns 5,810,818 shares of the oil and gas exploration company’s stock worth $113,950,000 after acquiring an additional 2,720,566 shares in the last quarter. BlackRock Inc. increased its holdings in NOV by 6.5% during the 1st quarter. BlackRock Inc. now owns 36,323,702 shares of the oil and gas exploration company’s stock valued at $712,308,000 after purchasing an additional 2,227,845 shares in the last quarter. Alliancebernstein L.P. boosted its stake in NOV by 312.2% in the fourth quarter. Alliancebernstein L.P. now owns 2,523,652 shares of the oil and gas exploration company’s stock worth $52,719,000 after purchasing an additional 1,911,356 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in shares of NOV during the first quarter worth $22,960,000. Institutional investors and hedge funds own 93.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. StockNews.com upgraded shares of NOV from a “sell” rating to a “hold” rating in a research note on Tuesday. Wells Fargo & Company increased their target price on shares of NOV from $20.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 3rd. Raymond James boosted their price target on NOV from $28.00 to $29.00 and gave the stock an “outperform” rating in a research report on Monday, October 30th. Piper Sandler decreased their price target on NOV from $21.00 to $20.00 and set a “neutral” rating for the company in a research note on Monday, July 31st. Finally, Royal Bank of Canada raised their price objective on NOV from $23.00 to $24.00 and gave the company a “sector perform” rating in a research note on Monday, October 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $24.00.

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 worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies.