Boston, MA 05/21/2014 (wallstreetpr) – Oil States International, Inc. (NYSE:OIS) intends to distribute shares of its spinoff targeted accommodation business Civeo Corp (NYSE:CVEO) on May 30. Shareholders of OIS will receive two shares of CVEO for every share of held at the close of business today (May 21). The company said Civeo will be an independent company traded on NYSE and the company will make $750 million in cash distribution to OIS in relation with the spinoff.
The spinoff is part of the strategic measures the company is taking to enhance revenue growth and maximize shareholder value. Oil States International, Inc. (NYSE:OIS) reported its 1Q2014 in the past weeks that showed it earning $1.34 per share in the quarter, short of the consensus estimate of $1.35 per share. The company generated revenue of $568 million, compared with the estimated revenue of $668.25 million for the quarter. Both revenue and earnings were down on a year-over-year basis.
Independence Realty Trust Inc (NYSEMKT:IRT) announced that its representatives will present at the upcoming investor conference in New York. The company’s presentation before the participating investors at the REITWeek 2014 will take place at the Waldorf Astoria on June 3. The presentation will highlight some of the key developments, opportunities and challenges in the company. IRT seeks to invest in properties located in areas that offer strong growth and occupancy levels.
As most other REITs adjust their portfolio ahead of the anticipated real estate boom, IRT also continues to acquire and unload assets accordingly. The company reported its 1Q2014 financial results on May 8, during which it reported EPS of 17 cents per share, ahead of the consensus estimate at $16 cents.
Investors looking for double shareholder reward may have to look no farther than Valmont Industries, Inc. (NYSE:VMI). The company just announced two programs that will return a significant amount of dollars to its shareholders. It intends to repurchase $500 million worth of its common stock over the next 12 months. The board of the company also approved 50 percent dividend hike, which will capture shareholders of record as of June 27, and payable on July 15. The hiked dividend reflects 38 cents per share. Valmont Industries, Inc. (NYSE:VMI) said the shares repurchase will happen from time to time based on prevailing market price.
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