NOV Inc. (NYSE:NOV) Announces $0.08 Quarterly Dividend

NOV Inc. (NYSE:NOV) declared a quarterly dividend on Thursday, November 14th,RTT News reports. Stockholders of record on Friday, December 6th will be given a dividend of 0.075 per share by the oil and gas exploration company on Friday, December 20th. This represents a $0.30 annualized dividend and a dividend yield of 1.85%.

NOV has increased its dividend by an average of 58.7% annually over the last three years. NOV has a dividend payout ratio of 19.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect NOV to earn $1.59 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 18.9%.

NOV Price Performance

NOV stock traded down $0.04 during midday trading on Thursday, reaching $16.20. 410,375 shares of the stock were exchanged, compared to its average volume of 3,706,612. The company’s fifty day moving average is $16.03 and its 200-day moving average is $17.55. NOV has a 52 week low of $14.98 and a 52 week high of $21.23. The firm has a market cap of $6.30 billion, a PE ratio of 5.99, a PEG ratio of 0.96 and a beta of 1.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 2.57.

Analyst Ratings Changes

NOV has been the subject of several research analyst reports. Bank of America lowered their price objective on shares of NOV from $22.00 to $20.00 and set a “buy” rating for the company in a report on Monday, October 14th. Barclays lowered their target price on shares of NOV from $17.00 to $16.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 29th. Susquehanna dropped their target price on shares of NOV from $22.00 to $21.00 and set a “positive” rating on the stock in a report on Monday, October 28th. Benchmark reiterated a “hold” rating on shares of NOV in a research note on Friday, July 26th. Finally, Stifel Nicolaus lowered their price target on NOV from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $21.64.

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 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.