NOV (NYSE:NOV) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded NOV from “hold” to “strong buy,” although the broader analyst consensus remains “hold” with an average price target of $20.92.
• NOV reported quarterly earnings of $0.31 per share and revenue of $2.13 billion, beating estimates of roughly $0.17 per share and $2.08 billion, respectively.
• Despite improved earnings and institutional ownership of 93.27%, investors face caution from declining revenue, a 74% book-to-bill ratio, negative free cash flow, and guidance for potentially lower third-quarter EBITDA.

NOV (NYSE:NOV - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports.

A number of other brokerages have also weighed in on NOV. Weiss Ratings restated a "hold (c)" rating on shares of NOV in a report on Wednesday, June 24th. Citigroup increased their target price on shares of NOV from $20.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, June 18th. Susquehanna lowered their price target on shares of NOV from $24.00 to $22.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Stifel Nicolaus upped their price objective on shares of NOV from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Finally, Morgan Stanley set a $21.00 target price on shares of NOV in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $20.92.

NOV Price Performance

NYSE:NOV opened at $19.02 on Tuesday. The stock has a 50 day moving average of $19.66 and a two-hundred day moving average of $19.40. NOV has a 12 month low of $11.77 and a 12 month high of $21.55. The firm has a market cap of $6.83 billion, a P/E ratio of 73.15 and a beta of 0.91. The company has a current ratio of 2.47, a quick ratio of 1.66 and a debt-to-equity ratio of 0.27.

NOV (NYSE:NOV - Get Free Report) last released its earnings results on Tuesday, July 28th. The oil and gas exploration company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.14. The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.08 billion. NOV had a return on equity of 3.42% and a net margin of 1.10%.The business's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. On average, analysts expect that NOV will post 0.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NOV

Several institutional investors and hedge funds have recently bought and sold shares of NOV. Price T Rowe Associates Inc. MD increased its holdings in shares of NOV by 1,743.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,059,400 shares of the oil and gas exploration company's stock worth $79,080,000 after buying an additional 4,785,015 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in NOV by 401.9% in the second quarter. Ameriprise Financial Inc. now owns 3,165,518 shares of the oil and gas exploration company's stock valued at $39,347,000 after acquiring an additional 2,534,815 shares during the last quarter. Goldman Sachs Group Inc. grew its position in NOV by 76.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,721,997 shares of the oil and gas exploration company's stock worth $42,545,000 after acquiring an additional 1,178,838 shares during the period. Marshall Wace LLP acquired a new stake in NOV during the third quarter worth $14,114,000. Finally, AQR Capital Management LLC increased its stake in NOV by 29.1% during the fourth quarter. AQR Capital Management LLC now owns 4,668,127 shares of the oil and gas exploration company's stock worth $72,963,000 after acquiring an additional 1,053,354 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Key NOV News

Here are the key news stories impacting NOV this week:

• Positive Sentiment: NOV reported second-quarter adjusted earnings of $0.31 per share and revenue of $2.13 billion, exceeding Wall Street estimates of approximately $0.16–$0.17 and $2.08 billion, respectively. NOV Q2 earnings and revenues beat estimates
• Positive Sentiment: Net income rose to $112 million, while adjusted EBITDA increased 12% year over year to $283 million. Operating profit and Energy Equipment margins also improved, reflecting better execution, sales mix and offshore project activity. NOV reports second-quarter 2026 earnings
• Positive Sentiment: Management cited improving industry fundamentals, stronger short-cycle activity, offshore opportunities and growing demand for automation and digital products. NOV also returned $127 million to shareholders through dividends and share repurchases. NOV Q2 2026 earnings call transcript
• Neutral Sentiment: Third-quarter guidance calls for revenue to be flat to up 2% year over year and adjusted EBITDA of $240 million to $270 million, suggesting continued improvement but potentially lower profitability than the second quarter. NOV Q2 key metrics compared with estimates
• Negative Sentiment: Revenue declined 2% year over year, and Energy Products and Services revenue fell 5%. Bookings of $474 million produced a 74% book-to-bill ratio, while capital-equipment backlog declined $220 million from the prior year, raising concerns about future growth.
• Negative Sentiment: Second-quarter adjusted EBITDA benefited by approximately $40 million from tariff refunds, making the underlying improvement less substantial. Free cash flow was negative $64 million, adding to investor caution.

NOV Company Profile

National Oilwell Varco NYSE: NOV is a leading provider of equipment and technology to the oil and gas industry. The company designs, manufactures and services an extensive portfolio of products used in drilling, completion and production operations. Its offerings include drilling rigs and related components, wellbore technologies such as tubulars and completion tools, surface equipment including mud pumps and blowout preventers, and aftermarket parts and services that support ongoing field operations.

NOV's business is organized to serve upstream energy companies around the world.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.