Yes, HOVERING is a Scrabble word!

Letter values in Scrabble US: H 4, O 1, V 4, E 1, R 1, I 1, N 1, G 2.

Is it a valid word?

HOVERING is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

be undecided about something; waver between conflicting positions or courses of action
move to and fro
hang in the air; fly or be suspended above
be suspended in the air, as if in defiance of gravity
hang over, as of something threatening, dark, or menacing

Also: bulk large.