Nov Inc - NOV STOCK NEWS

Cormetech, a leading manufacturer of SCR Catalyst and Carbon Capture Adsorbers, has announced a significant leadership change. Patricia Martinez will be appointed as the new President & CEO, effective August 19th, 2024. She brings over 25 years of industry experience, with a focus on low-carbon energy solutions. Mike Mattes, the current President & CEO, will transition to the role of Chairman of the Board.

Martinez's appointment is expected to drive Cormetech's growth in the emissions control industry, particularly in areas such as Electrification, Carbon Capture Utilization and Sequestration (CCUS), Bio Energy, and Hydrogen. The company aims to leverage her expertise to expand its product lines and solidify its position as an industry leader.

NOV Inc. (NYSE: NOV) has announced a regular quarterly cash dividend of $0.075 per share of common stock. The dividend is payable on September 27, 2024 to stockholders of record as of September 13, 2024. This declaration demonstrates NOV's commitment to returning value to its shareholders through consistent dividend payments. The announcement provides clarity on the company's dividend policy and offers investors a predictable income stream from their NOV stock holdings.

NOV Inc. (NYSE: NOV) reported strong Q2 2024 results, with revenue of $2.22 billion, up 6% year-over-year. Net income rose to $226 million ($0.57 per share), a $71 million increase from Q2 2023. Adjusted EBITDA grew 15% to $281 million, reaching 12.7% of sales, the highest margin since 2015. The company generated $432 million in operating cash flow and $350 million in free cash flow.

NOV's performance was driven by international and offshore market growth, offsetting declining North American activity. The company's backlog reached its highest level since 2015, with new orders of $977 million representing a 177% book-to-bill ratio. NOV accelerated capital return to shareholders, repurchasing 2.0 million shares for $37 million and increasing its dividend by 50%.

NOV (NYSE: NOV) has scheduled a conference call for July 26, 2024, at 10 a.m. CT to discuss its second quarter 2024 financial results. The company will release its earnings report after market close on July 25, 2024. Investors and interested parties can access the live webcast through NOV's investor relations website.

NOV (NYSE: NOV) has announced a 50% increase in its regular quarterly cash dividend. The new dividend is $0.075 per share of common stock, payable on June 28, 2024, to stockholders of record on June 14, 2024. This increase aligns with NOV's capital return framework, which aims to return at least 50% of Excess Free Cash Flow to shareholders. Excess Free Cash Flow is defined as cash flow from operations minus capital expenditures and other investments, including acquisitions. The return includes steady quarterly base dividends, opportunistic stock buybacks, and an annual supplemental dividend.