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 paid 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 0.60%. The ex-dividend date of this dividend is Thursday, September 14th.
National Oilwell Varco has decreased its dividend payment by an average of 12.5% annually over the last three years. National Oilwell Varco has a payout ratio of -50.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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) traded up 1.47% during midday trading on Wednesday, hitting $33.87. 514,097 shares of the stock were exchanged. National Oilwell Varco has a 1-year low of $29.90 and a 1-year high of $43.63. The firm has a 50-day moving average of $31.40 and a 200-day moving average of $34.51. The company’s market capitalization is $12.87 billion.
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, hitting the consensus estimate of ($0.14). National Oilwell Varco had a negative net margin of 33.24% and a negative return on equity of 2.12%. The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter in the previous year, the business posted ($0.30) earnings per share. National Oilwell Varco’s quarterly revenue was up 2.0% on a year-over-year basis. On average, equities analysts expect that National Oilwell Varco will post ($0.40) EPS for the current year.
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Several equities research analysts recently weighed in on NOV shares. Credit Suisse Group set a $35.00 price target on shares of National Oilwell Varco and gave the stock a “hold” rating in a research report on Saturday, July 29th. FBR & Co restated a “buy” rating and issued a $42.00 price target on shares of National Oilwell Varco in a research report on Thursday, August 31st. Scotiabank set a $37.00 price target on shares of National Oilwell Varco and gave the stock a “hold” rating in a research report on Friday, July 28th. BidaskClub cut shares of National Oilwell Varco from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. Finally, Morgan Stanley restated an “overweight” rating and issued a $50.00 price target (down previously from $60.00) on shares of National Oilwell Varco in a research report on Wednesday, June 21st. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $38.82.
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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