Well this to me is a no brainer. I really love National Oilwell Varco Inc (NOV). It really hurts a company when it can no longer maintain its dividend or raise its dividend. That is what happened to NOV the company's Board of Directors decided to cut its dividend from $0.46 to $0.05 a 95% cut ouch!
So it no longer fits into my goals of keeping and buying dividend growth stocks. I do think the company will rebound in the future and I will take a look at it them, but for no it no longer retains my admiration so it was time to sell.
April 11, 2016
Sold 6.2565 shares @ 27.522 for $165.24 after commission. The capital will be put to better use. Since I cannot buy lots of share at this point in my investment career.
This will reduce my yearly dividend by $11.50 so forward dividend now stands at $460.69
Just a small setback no biggie deal as far as long term is concerned.
What do you thing of this move? Are you holding on to NOV, if you hold it in your portfolio?
Thanks for reading.
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