Nov Inc Stock Price, News & Analysis

NOV Inc. (NYSE: NOV) has declared a regular quarterly cash dividend of $0.05 per share, set to be paid on March 25, 2022. Stockholders on record as of March 11, 2022 will receive this dividend. The company emphasizes its commitment to providing technology-driven solutions for the global energy industry, aiming to enhance safety and minimize environmental impact.

NOV Inc. (NYSE: NOV) reported Q4 2021 revenues at $1.52 billion, up 13% sequentially and 14% year-over-year. The net loss was $40 million, affected by COVID-19 and supply chain challenges. Full-year revenues were $5.52 billion, with a net loss of $250 million. Key segments showed growth: Wellbore Technologies rose 14% Q/Q and 54% Y/Y; Completion & Production Solutions increased 15% Q/Q. However, Rig Technologies faced a decline of 1% Y/Y. NOV's backlog for key segments is strong, with continued customer demand amid rising energy prices.

NOV Inc. (NYSE: NOV) will hold a conference call on February 4, 2022, at 10 a.m. (Central Time), to discuss its fourth quarter 2021 results. A press release with the financial results will be issued after market close on February 3, 2022. The call will be available via live webcast on www.nov.com/investors. NOV has over 150 years of experience in providing technology-driven solutions to the energy industry, focusing on enhancing oilfield operations and promoting sustainability.

LP Building Solutions (NYSE: LPX) announced the appointment of Jose A. Bayardo to its Board of Directors, effective immediately. Bayardo, currently the CFO at NOV Inc. (NYSE: NOV), brings extensive experience in finance, strategic planning, and corporate transformations. CEO Brad Southern highlighted Bayardo's insights as pivotal for executing the company's transformation strategy. Bayardo holds degrees from prestigious universities and has a background in investment banking and leadership roles in multiple companies.

NOV Inc. (NYSE: NOV) has reinstated its regular quarterly cash dividend of $0.05 per share, reflecting the company's commitment to returning capital to shareholders and confidence in its business recovery. The dividend is payable on December 17, 2021, to stockholders of record as of December 3, 2021.

This decision highlights NOV's focus on financial stability and growth in the energy sector, leveraging over 150 years of experience to drive innovations that support sustainable energy production.

NOV reported Q3 2021 revenues of $1.34 billion, down 5% from Q2 and 3% from Q3 2020. The net loss was $69 million, including $12 million in COVID-19 related charges. Adjusted EBITDA fell to $56 million, or 4.2% of sales. Despite challenges, demand rose with orders exceeding shipments. Notable achievements included significant contracts in renewable energy and a strong backlog of $1.11 billion in Completion & Production Solutions and $2.78 billion in Rig Technologies. NOV aims to capitalize on the emerging energy upcycle.

NOV Inc. (NYSE: NOV) has appointed Robert Welborn to its Board of Directors, effective October 20, 2021. Welborn currently heads Programs Data Science at Facebook, Inc., overseeing solutions used by over 140 million businesses globally. His previous roles include Global Chief Data and Analytics Officer at General Motors and Chief Data Scientist at USAA. With this addition, NOV's board now consists of ten directors, with nine being independent. The company focuses on delivering technology-driven solutions to the global energy industry, enhancing oilfield operations and advancing sustainability.

NOV Inc. (NYSE: NOV) announced the retirement of Scott K. Duff as Vice President, Corporate Controller and Chief Accounting Officer, effective November 1, 2021, with his advisory role ending on February 28, 2022. Christy H. Novak, current Vice President of Accounting Systems, will succeed him. Duff's 18-year tenure is praised for developing a talented accounting team and fostering excellence. Novak, with 16 years at NOV and extensive experience, is expected to drive improvements in accounting processes.

NOV Inc. (NYSE: NOV) has signed a contract with COSCO SHIPPING Heavy Industry and Cadeler to provide designs for two GustoMSC™ NG-20000X self-propelled wind turbine installation jack-up vessels, the Cadeler X-Class. With 5,600 m² deck space and a carrying capacity of over 17,600 tons, these vessels are the largest in the industry, capable of handling multiple turbine sets. The first vessel is contracted for the 1.4 GW Sofia wind park, to be delivered in Q3 2024. NOV will also supply jacking systems that promise fuel savings and reduced emissions.