National Oilwell Varco, Inc. (NOV) Declares $0.05 Quarterly Dividend
National Oilwell Varco, Inc. (NYSE:NOV) announced a quarterly dividend on Thursday, August 17th, RTT News reports. Stockholders of record on Friday, September 15th will be given a dividend of 0.05 per share by the oil and gas exploration company on Friday, September 29th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.67%.
National Oilwell Varco has decreased its dividend payment by an average of 12.5% per year over the last three years. National Oilwell Varco has a payout ratio of -48.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect National Oilwell Varco to earn $0.36 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 55.6%.
Shares of National Oilwell Varco (NYSE:NOV) opened at 29.94 on Thursday. National Oilwell Varco has a 12-month low of $29.90 and a 12-month high of $43.63. The stock’s market cap is $11.38 billion. The stock’s 50 day moving average is $32.57 and its 200-day moving average is $35.55.
National Oilwell Varco (NYSE:NOV) last announced its quarterly earnings results on Thursday, July 27th. The oil and gas exploration company reported ($0.14) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.14). National Oilwell Varco had a negative return on equity of 2.12% and a negative net margin of 33.24%. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter last year, the business posted ($0.30) earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. Equities analysts anticipate that National Oilwell Varco will post ($0.40) EPS for the current fiscal year.
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A number of brokerages have recently weighed in on NOV. ValuEngine cut National Oilwell Varco from a “hold” rating to a “sell” rating in a research report on Thursday. Loop Capital upgraded National Oilwell Varco from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $29.94 to $40.00 in a research report on Thursday. Piper Jaffray Companies upgraded National Oilwell Varco from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $36.00 to $37.00 in a research report on Tuesday, June 20th. Seaport Global Securities reiterated a “sell” rating on shares of National Oilwell Varco in a research report on Friday, July 28th. Finally, R. F. Lafferty reiterated a “hold” rating and set a $33.00 price objective (down previously from $38.00) on shares of National Oilwell Varco in a research report on Tuesday, August 1st. Five equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $39.09.
National Oilwell Varco Company Profile
National Oilwell Varco, Inc is an oilfield equipment manufacturer and technology provider. The Company operates through four segments: Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. The Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore.
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