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In an effort to return at least 50% of excess free cash flow, NOV Inc. authorized a share repurchase program for up to $1 billion of its common stock over 36 months, according to an April 25 press release.
Under the program, NOV may repurchase shares through open market purchases, in privately negotiated transactions or through the use of trading plans that qualify under Rule 10b5-1 of the Securities and Exchange Act.
The company also expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
The dividend is set to be paid out during the quarter ended June 30.
NOV said it intends to declare a supplemental dividend during the second-quarter 2025. The amount is anticipated to be a minimum of 50% of the company’s excess free cash flow.
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