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

NOV Inc. (NYSE:NOV) declared a quarterly dividend on Thursday, August 15th, RTT News reports. Stockholders of record on Friday, September 13th will be given a dividend of 0.075 per share by the oil and gas exploration company on Friday, September 27th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.71%.

NOV has increased its dividend payment by an average of 58.7% per year over the last three years. NOV has a payout ratio of 16.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect NOV to earn $1.83 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 16.4%.

NOV Trading Down 0.8 %

NYSE NOV opened at $17.57 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.61 and a quick ratio of 1.64. The stock has a market capitalization of $6.95 billion, a P/E ratio of 7.06, a PEG ratio of 0.59 and a beta of 1.70. The firm’s 50-day moving average is $18.45 and its two-hundred day moving average is $18.48. NOV has a 12 month low of $16.77 and a 12 month high of $21.91.

NOV (NYSE:NOV) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas exploration company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.35 by $0.22. NOV had a net margin of 11.88% and a return on equity of 10.97%. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the business posted $0.39 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. On average, sell-side analysts anticipate that NOV will post 1.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Benchmark reaffirmed a “hold” rating on shares of NOV in a research note on Friday, July 26th. TD Cowen lifted their target price on NOV from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Barclays increased their price target on shares of NOV from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 30th. Bank of America dropped their price objective on shares of NOV from $24.00 to $22.00 and set a “buy” rating for the company in a report on Monday, July 15th. Finally, Piper Sandler reduced their target price on shares of NOV from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, NOV currently has an average rating of “Moderate Buy” and a consensus target price of $24.58.

NOV Company Profile

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.