National Oilwell Varco’s dividend
On August 17, 2017, National Oilwell Varco (NOV) announced a quarterly dividend of $0.05 per share, payable in September 2017, unchanged from a year prior and 1Q17.
Why National Oilwell Varco reduced its dividend
NOV reduced its dividend sharply in 2016 in response to upstream companies’ lower capex. Management believes that this will preserve capital to invest in future growth opportunities and enhance National Oilwell Varco’s core capabilities. National Oilwell Varco makes up 6.1% of the iShares US Oil Equipment & Services ETF (IEZ). IEZ has fallen 15% in the past year, whereas NOV has fallen 9%.