Dividend Watch: 5 Stocks Going Ex-Dividend Tomorrow: DMO, PMM, NHF, PGH, CLF

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Tomorrow, Nov. 20, 2013, 62 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.6% to 16.7%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Western Asset Mortgage Defined Opportunity

Owners of Western Asset Mortgage Defined Opportunity (NYSE: DMO) shares as of market close today will be eligible for a dividend of 15 cents per share. At a price of $22.35 as of 9:31 a.m. ET, the dividend yield is 8%.

The average volume for Western Asset Mortgage Defined Opportunity has been 29,200 shares per day over the past 30 days. Western Asset Mortgage Defined Opportunity has a market cap of $235.1 million and is part of the financial services industry. Shares are down 6.8% year to date as of the close of trading on Monday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Putnam Managed Municipal Income

Owners of Putnam Managed Municipal Income (NYSE: PMM) shares as of market close today will be eligible for a dividend of 4 cents per share. At a price of $6.67 as of 9:32 a.m. ET, the dividend yield is 7%.

The average volume for Putnam Managed Municipal Income has been 178,300 shares per day over the past 30 days. Putnam Managed Municipal Income has a market cap of $383.1 million and is part of the financial services industry. Shares are down 17.2% year to date as of the close of trading on Monday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

The company has a P/E ratio of 13.02.

NexPoint Credit Strategies Fund

Owners of NexPoint Credit Strategies Fund (NYSE: NHF) shares as of market close today will be eligible for a dividend of 5 cents per share. At a price of $8.99 as of 9:34 a.m. ET, the dividend yield is 6.7%.

The average volume for NexPoint Credit Strategies Fund has been 214,800 shares per day over the past 30 days. NexPoint Credit Strategies Fund has a market cap of $573.7 million and is part of the financial services industry. Shares are unchanged year to date as of the close of trading on Monday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Pengrowth Energy

Owners of Pengrowth Energy (NYSE: PGH) shares as of market close today will be eligible for a dividend of 4 cents per share. At a price of $6.30 as of 9:35 a.m. ET, the dividend yield is 7.1%.

The average volume for Pengrowth Energy has been 1.4 million shares per day over the past 30 days. Pengrowth Energy has a market cap of $3.4 billion and is part of the energy industry. Shares are up 26.8% year to date as of the close of trading on Monday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Pengrowth Energy Corporation engages in the acquisition, exploration, development, and production of oil and natural gas reserves in Canada.

TheStreet Ratings rates Pengrowth Energy as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity. You can view the full Pengrowth Energy Ratings Report now.

Cliffs Natural Resources

Owners of Cliffs Natural Resources (NYSE: CLF) shares as of market close today will be eligible for a dividend of 15 cents per share. At a price of $27.86 as of 9:35 a.m. ET, the dividend yield is 2.2%.

The average volume for Cliffs Natural Resources has been 7.6 million shares per day over the past 30 days. Cliffs Natural Resources has a market cap of $4.2 billion and is part of the metals & mining industry. Shares are down 28.7% year to date as of the close of trading on Monday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Cliffs Natural Resources Inc., a mining and natural resources company, engages in the production of iron ore pellets, fines and lump ore, and metallurgical coal.

TheStreet Ratings rates Cliffs Natural Resources as a hold. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, a generally disappointing performance in the stock itself and generally higher debt management risk. You can view the full Cliffs Natural Resources Ratings Report now.

More About Dividends:

One benefit of owning a stock is the potential that you will be paid a dividend. The distribution of dividend payments is another way for a company to share its profit with you. A dividend means that the company pays you a certain amount of money, either as a one-time payment or more commonly on a quarterly basis, for each share of stock you own.

Many times, dividends come at the expense of greater price appreciation, because the company is distributing its profits to shareholders rather than reinvesting the profits back into the growth of the company. However, companies that pay dividends can be very attractive to investors when they offer a steady stream of income. There are some important terms and dates an investor should be familiar with before purchasing any dividend-paying companies. Let's work through an example to help better explain some of these terms:

On March 1, ABC Widget Company has decided that because it holds excess cash and lacks investment opportunities, it would like to reward shareholders with a regular quarterly dividend payment. The date for this particular announcement is known as the declaration date. It is on this date that the company announces the specific dividend payment along with the holder of record date (aka record date) and the payment date. The company announces that a dividend payment of 25 cents per share will be payable March 31, 2012 (the payment date) to all shareholders of record at the close of business on March 16, 2012 (holder of record date). What does this all mean? Well the short story is that the company looks at its records on March 16 and anyone listed on the books as an owner of ABC Widget company will be eligible for the dividend payment (on March 31).

The one other important term to remember is the ex-dividend date. The ex-dividend date (typically two trading days before the holder of record date for U.S. securities) is the day in which a company begins trading without the dividend. In order to have a claim on a dividend, shares must be purchased no later than the last business day before the ex-dividend date. A company trading ex-dividend will have the upcoming dividend subtracted from the share price at the start of the trading day. Many times, the price of a stock will increase in anticipation of the upcoming dividend as the ex-dividend date approaches, yet will fall back by the amount of the dividend on the ex-dividend date.

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