Markets
NOV

Energy Stocks Tumble With Broader Markets; National Oilwell Varco Boosts Dividend 75% But Shares Slide 1%

Top Energy Stocks

XOM -1.47%

CVX -2.12%

COP -1.01%

SLB -2.25%

OXY -0.85%

Energy stocks were broadly lower Thursday, with the NYSE Energy Sector Index sinking 1.6% while shares of energy companies in the S&P 500 were down 1.8% as a group. Crude oil for June delivery was down 92 cents at $101.45 per barrel while June natural gas was up 12 cents to $4.49 per 1 million BTU.

In company news, National Oilwell Varco Inc. ( NOV ) shares were lower Thursday despite the oilfield services company's this morning announcing a 75% increase in its quarterly dividend over its most recent payout to $0.46 per share.

The dividend, including the $0.20 per share increase, will be payable June 27 to shareholders of record on June 13.

NOV shares were down about 1.2% in recent trade at $80.03 each, recovering from a slide to $79.90 a share earlier in today's session. The stock has a 52-week range of $66.01 a share, rising 19.2% in value over the past 12 months.

In other sector news,

(+) RCON, (+7.9%) Reports 143% year over year increase in Q1 revenue to RMB18.23 mln ($2.96 mln). Net loss narrows to RMB1.93 mln ($310,000), or a loss of $0.07 per share, from a RMB1.25 mln net loss last year. Analyst estimates were not available.

(+) MILL, (+6.5%) Brean Capital begins coverage of the oil and gas company with a Buy rating and an $8 a share price target, citing potential opportunities in its large property holdings in Alaska.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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