NOV Inc. (NYSE:NOV – Get Rating) declared a quarterly dividend on Wednesday, August 17th, RTT News reports. Stockholders of record on Friday, September 16th will be paid a dividend of 0.05 per share by the oil and gas exploration company on Friday, September 30th. This represents a $0.20 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Thursday, September 15th.
NOV has decreased its dividend payment by an average of 37.0% annually over the last three years. NOV has a dividend payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect NOV to earn $1.00 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 20.0%.
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NOV Stock Down 3.8 %
Shares of NOV stock opened at $17.11 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.61 and a current ratio of 2.35. NOV has a 52-week low of $11.46 and a 52-week high of $24.06. The stock has a market capitalization of $6.72 billion, a price-to-earnings ratio of -74.39 and a beta of 1.83. The company's 50 day moving average price is $17.00 and its 200-day moving average price is $18.25.
Analyst Upgrades and Downgrades
NOV has been the topic of several recent analyst reports. Benchmark initiated coverage on shares of NOV in a report on Wednesday, August 24th. They issued a "hold" rating on the stock. Bank of America upgraded shares of NOV from an "underperform" rating to a "neutral" rating and lifted their price target for the company from $10.00 to $15.00 in a report on Friday, July 29th. The Goldman Sachs Group cut their price target on shares of NOV from $18.00 to $16.00 and set a "sell" rating on the stock in a report on Wednesday, July 13th. Seaport Res Ptn reiterated a "buy" rating on shares of NOV in a report on Monday, August 8th. Finally, Barclays lifted their price target on shares of NOV from $20.00 to $22.00 and gave the company an "equal weight" rating in a report on Wednesday, June 8th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $19.91.
Insider Activity
In other news, Director Greg L. Armstrong sold 10,381 shares of NOV stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $18.99, for a total value of $197,135.19. Following the completion of the transaction, the director now owns 82,724 shares of the company's stock, valued at approximately $1,570,928.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.59% of the company's stock.
Hedge Funds Weigh In On NOV
Large investors have recently modified their holdings of the stock. Covestor Ltd raised its position in shares of NOV by 94.4% in the 1st quarter. Covestor Ltd now owns 1,287 shares of the oil and gas exploration company's stock worth $25,000 after purchasing an additional 625 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of NOV by 25.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 10,316 shares of the oil and gas exploration company's stock worth $202,000 after purchasing an additional 2,113 shares during the last quarter. Vident Investment Advisory LLC purchased a new position in NOV in the 1st quarter worth about $216,000. Captrust Financial Advisors raised its position in NOV by 6.0% in the 1st quarter. Captrust Financial Advisors now owns 13,749 shares of the oil and gas exploration company's stock worth $270,000 after buying an additional 777 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in NOV by 8.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 13,935 shares of the oil and gas exploration company's stock worth $273,000 after buying an additional 1,079 shares during the last quarter. Hedge funds and other institutional investors own 97.86% of the company's stock.
NOV Company Profile
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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.
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