NOV Inc. - NOV STOCK NEWS

NOV and Venture Builder VC have launched the NOV Supernova Accelerator, a five-month program designed to drive digital transformation in upstream oil and gas. The program offers startups direct access to NOV's R&D teams and business units, focusing on key areas including Data Management & Analytics, Operational Efficiency, HSE Monitoring, Predictive Maintenance, and Digital Twins.

The accelerator features 13 selected startups offering innovative solutions, including AnyLog's edge data management platform, Equipt's AI-powered asset management system, and Spindletop AI's edge-based machine learning for well optimization. The program culminates in a Demo Day where founders present their solutions to NOV executives, industry leaders, and potential investors.

NOV Inc. reported strong Q3 2024 results with revenues of $2.19 billion, a slight increase from Q3 2023. Net income rose 14% to $130 million ($0.33 per share), while operating profit increased 6% to $194 million. Adjusted EBITDA grew 7% to $286 million. The company achieved a 111% book-to-bill ratio with bookings of $627 million. Free cash flow reached $277 million, enabling $109 million return to shareholders through share repurchases ($80 million) and dividends ($29 million). Energy Equipment segment showed growth while Energy Products and Services saw a slight decline.

NOV Inc. (NYSE: NOV) has announced its upcoming third quarter 2024 earnings conference call. The call is scheduled for Friday, October 25, 2024, at 10 a.m. Central Time. Prior to the call, NOV will release its financial results after the market closes on Thursday, October 24, 2024. Investors and interested parties can access the live webcast of the conference call through the company's investor relations website at www.nov.com/investors. This event provides an opportunity for stakeholders to gain insights into NOV's financial performance and business outlook for the third quarter of 2024.

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.

NOV Inc. (NYSE: NOV) reported first quarter 2024 results with revenue of $2.16 billion, a 10% increase year-over-year. Operating profit was $162 million, up $36 million year-over-year, while net income was $119 million, down $7 million. Adjusted EBITDA increased by $46 million to $241 million. The company plans to return 50% of Excess Free Cash Flow annually through dividends, repurchases, and supplemental dividends, with a $1 billion share repurchase authorization. NOV also intends to increase its base dividend by 50% starting in June 2024.