NOV Inc. (NYSE:NOV) Plans Special Dividend of $0.09

NOV Inc. (NYSE:NOV) announced a special dividend on Wednesday, May 20th. Shareholders of record on Monday, June 1st will be given a dividend of 0.09 per share by the oil and gas exploration company on Friday, June 12th. This represents a dividend yield of 173.0%. The ex-dividend date of this dividend is Monday, June 1st.

NOV has increased its dividend payment 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 dividend payout ratio of 26.7% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

Shares of NYSE:NOV traded down $0.34 during trading on Friday, reaching $19.92. The company had a trading volume of 4,138,426 shares, compared to its average volume of 3,946,615. The firm’s fifty day moving average is $19.82 and its 200 day moving average is $18.25. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.66 and a current ratio of 2.47. The firm has a market capitalization of $7.15 billion, a PE ratio of 83.00 and a beta of 0.92. NOV has a twelve month low of $11.65 and a twelve month high of $21.38.

NOV (NYSE:NOV) last announced its 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 firm had revenue of $2.05 billion for 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%.NOV’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.19 EPS. On average, equities analysts forecast that NOV will post 0.91 EPS for the current year.

Hedge Funds Weigh In On NOV

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new stake in NOV during the 4th quarter worth about $28,000. Root Financial Partners LLC increased its position in shares of NOV by 39.9% in the first quarter. Root Financial Partners LLC now owns 1,937 shares of the oil and gas exploration company’s stock worth $36,000 after acquiring an additional 552 shares in the last quarter. Altshuler Shaham Ltd raised its holdings in shares of NOV by 36.8% during the first quarter. Altshuler Shaham Ltd now owns 2,030 shares of the oil and gas exploration company’s stock valued at $38,000 after acquiring an additional 546 shares during the period. Summit Securities Group LLC acquired a new stake in shares of NOV during the first quarter valued at approximately $40,000. Finally, CIBC Private Wealth Group LLC lifted its position in shares of NOV by 659.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,278 shares of the oil and gas exploration company’s stock valued at $36,000 after acquiring an additional 1,978 shares in the last quarter. Institutional investors and hedge funds own 93.27% of the company’s stock.

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.