National Oilwell Varco Doubles Dividend
May 20th 2013 1:01PM
Updated May 20th 2013 2:00PM
Oil industry equipment manufacturer National Oilwell Varco will pay a second-quarter dividend of $0.26 per share, double the $0.13 per share it paid last quarter, the company announced today.
The board of directors said the quarterly dividend is payable on June 28 to the holders of record at the close of business on June 14. National Oilwell Chairman and CEO Pete Miller said: "This dividend increase reflects the Company's strong financial condition and our confidence in our business going forward. We are pleased that our continued execution and strong cash flow enable us to provide a significantly higher dividend directly to our stockholders. Our business model continues to generate strong operating cash flow that enables us to invest in and execute strategic internal growth and pursue acquisition opportunities to further strengthen our existing businesses."
The regular dividend payment equates to a $1.04-per-share annual dividend, yielding 1.5% based on the closing price of National Oilwell Varco's stock on May 17.
The article National Oilwell Varco Doubles Dividend originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends National Oilwell Varco. The Motley Fool owns shares of National Oilwell Varco. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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