Just noticed the exchange between likes2invedt and Demo. When likes2invest asks him how he and his family are doing, Demo quickly lapses into some whining about board members. Does that sound like he has his priorities mixed up?
I think it does precisely that.
They must react to the situation. Would you rather get temporary joy out of the dividend or see the company strengthen itself for the long haul? It does hurt right now, but maybe we'll all be clapping if/when they acquire a weakened but accretive company for relative peanuts. There has to be some potentially great deals out there right now.
I understand that the controlling family loves and counts on the dividend. Based on that, the dividend figures to be solid through at least this year anyway.
Probably a smart move for now. I would defer to someone with a long history with this company, but I suspect the recent price appreciation was largely dividend-related, so after it goes ex-dividend it may well retrench into the 9s.
NOV ended trading on May 19 at $31.09. Here we are, less than 3 weeks later, and the company is up over $6. Gotta love it.