NOV reinstates quarterly dividend, last paid in March 2020

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NOV Inc. NOV, -5.11% said Thursday it will reinstate its quarterly dividend of 5 cents a share, payable on Dec. 17 to shareholders of record on Dec. 3. The provider of equipment to the oil and gas industry last paid a dividend in March 2020. “Reinstating a regular quarterly dividend demonstrates our continued commitment to returning excess capital to our shareholders along with our growing confidence in the emerging recovery of our business,” said Chief Executive Clay Williams. Based on the stock’s Wednesday closing price of $12.82, the annual dividend rate implies a dividend yield of 1.56%, compared with the yield for the SPDR Energy Select Sector ETF XLE, -1.53% of 3.78% and the implied yield for the S&P 500 SPX, -0.26% of 1.31%.

This article was originally published by Marketwatch.com. Read the original article here.

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