15 stories mentioning NOVUpdated 1d ago
Every FINWIRES story that references NOV, newest first.
NOV (NOV) reported Q2 earnings Tuesday of $0.31 per diluted share, up from $0.29 a year earlier.Analysts polled by FactSet expected $0.17.Revenue for the quarter ended June 30 was $2.13 billion, down from $2.19 billion a year earlier.Analysts expected $2.08 billion.For Q3, the company said it expects year-over-year revenue to be flat to up 2%.
US land drillers kept the active rig count unchanged at 572 over the week, with only minor shifts between oil and gas rigs, RBC Capital Markets said in a Sunday note.RBC said the Baker Hughes (BKR) US land rig count remained at 572. The US oil rig count fell by one to 436, while the gas rig count increased by one to 127, the note said.Oil rigs increased by eight over the month, while gas rigs added two. The Permian Basin lost one rig to 258, representing 59% of Lower 48 oil rigs and 45% of total US land rigs.RBC said Helmerich & Payne (HP) remained the largest Permian driller with 90 rigs, representing 33% of basin activity. Patterson-UTI Energy (PTEN) operated 33 rigs, accounting for 12%, while Nabors Industries (NBR) ran 29 rigs, or 11%.The note said Exxon Mobil (XOM) led Permian operators with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active rigs, up from 43% a year earlier.RBC said Eagle Ford activity remained unchanged at 47 rigs. Among drilling contractors, Helmerich & Payne led with 17 rigs, representing 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%.The note said ConocoPhillips (COP) led operators in the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share to 53% from 38% a year earlier.Haynesville added one rig over the week to 56. Among drilling contractors, Helmerich & Payne led with 11 rigs, representing 18% of the total, followed by Independence Contract Drilling with nine rigs, or 15%, and Nabors Industries with eight rigs, or 13%.Apex remained the largest operator in the Haynesville with 14 rigs, while Adamas operated seven and Expand Energy (EXE) ran five. Private operators accounted for 74% of active rigs, compared with 70% a year earlier.RBC said its oilfield services coverage group advanced 1.1% over the week, while West Texas Intermediate crude climbed 7.8% during the same period.The note said Element Technical Services posted the strongest weekly gain at 15.8%, followed by SLB (SLB) at 11.6% and NOV (NOV) at 6.4%.RBC said Halliburton (HAL) declined 5.3%, Atlas Energy Solutions (AESI) dropped 15.0%, and Liberty Energy (LBRT) fell 27.2%. Its oilfield services coverage group has gained 34.1% over the year, compared with an 8.9% increase in the S&P 500 Index.
The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.
NOV (NOV) shares rose 3.1% on Thursday after Capital One upgraded the stock to overweight from equalweight and adjusted its price target to $26 per share from $25.Trading volume stood at over 1.7 million shares compared with a daily average of nearly 4.7 million.Price: $21.48, Change: $+0.66, Percent Change: +3.15%
NOV (NOV) has an average rating of Hold and mean price target of $21.94, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
NOV (NOV) has an average rating of hold and mean price target of $21.58 according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $20.60, Change: $-0.16, Percent Change: -0.77%
Erasca (ERAS) shares were down 48% in Tuesday premarket activity, continuing Monday's loss.Greenland Energy (GLND) stock was 37% lower after the company said late Monday it priced a $70 million offering of 17.5 million shares at $4 apiece.High-Trend International (HTCO) shares were down 24%, shaving gains from the previous session.Rambus (RMBS) shares were 18% lower after Baird downgraded the company to neutral from outperform.NOV (NOV) stock was down 2% after the company posted overnight lower Q1 net income and revenue.
Leading oilfield equipment and services company NOV (NOV) released its Q1 results on Monday, highlighting several key operational milestones that underscored rising industry activity, even as the Middle East conflict continued to weigh on the sector.The company's energy equipment business reported $1.19 billion in revenue during the quarter, up 4% year-over-year, with an operating profit of $93 million, down 30% year-over-year from $134 million a year ago.This was attributed to an unfavorable sales mix, alongside higher costs resulting from disruptions in the Middle East during the quarter.It, however, saw an uptick in order backlog, at $520 million, an increase of $83 million, compared to a backlog of $437 million last year.Nov's Energy Products and Services business reported $897 million in sales, down 10% year over year, with an operating profit of $26 million, down by $57 million last year, which was the result of lower global drilling activities.Meanwhile, the company secured a contract to deliver 96 kilometers of flexible riser and flowline systems for offshore production, while also expanding its subsea flexible pipe manufacturing facility in Brazil, a move expected to double capacity over the next three years.In offshore infrastructure, Nov was awarded work to supply around 1,700 grating panels covering approximately 10,200 square meters for a floating production unit.The company also pointed to drilling efficiency gains, supporting the completion of a 4-mile lateral well section spanning 20,719 feet in just 143 hours, crediting the performance to its downhole technologies.
Baker Hughes (BKR) US active land rig count fell by one week over week to 529, RBC Capital Markets said on Monday, while the US oil land rig count was flat at 397.The gas land rig count decreased by two in the week to 125, while miscellaneous rigs increased by one. The US oil land rig count fell by four month over month, while the gas land rig count fell by six over the same period.The Permian Basin's active rig count was flat over the week at 242. That region alone has 61% of the Lower 48 rigs and 46% of total land rigs in the US.US December production, based on EIA data, was 13.2 million barrels a day, rising 1% year over year, mainly driven by rising offshore production, which climbed 12% year over year.At the same time, land production decreased by an average 111,000 barrels per day as increases in New Mexico were partially offset by reductions elsewhere.Natural gas withdrawals in the US were 132 billion cubic feet per day, up 4% and supported by gains in Louisiana and New Mexico, RBC said.The three most active drillers in the Permian Basin are Helmerich & Payne (HP), with 88 rigs and 35% of the total, Patterson-UTI Energy (PTEN) with 31 rigs and Nabors Industries (NBR) with 27 rigs.The most active Permian operators are Exxon Mobil (XOM) with 34 rigs, Occidental (OXY) with 20 and ConocoPhillips (COP) with 16.In Haynesville, the rig count fell by 1 to 55 and the three most active drillers were Helmerich & Payne with 10 rigs, Independence Contract Drilling (ICD) with 9 and Precision Drilling (PD) with 8.WTI crude stocks fell by 5% week on week, RBC said.NOV (NOV) lowered its first quarter guidance due to financial impacts from disruption in the Middle East during March. Its updated EBITDA guidance is for $177 million,RBC has downgraded NOV to sector perform it said, noting less compelling risk/reward opportunity in its shares.Stocks in RBC's coverage universe within oil and gas services have risen by 36% this year with US-focused firms outperforming those with exposure in the Middle East.
Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index down 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.3%.The Philadelphia Oil Service Sector Index was adding 0.4%, and the Dow Jones US Utilities Index was shedding 0.9%.In sector news, President Donald Trump said he sees the US-Israel war with Iran "as very close to over," news outlets reported, citing an interview on Fox Business Network conducted Tuesday and broadcast Wednesday.Front-month West Texas Intermediate crude oil shed 0.3% to $90.98 a barrel, and the global benchmark Brent crude contract was steady at $94.79 a barrel. Henry Hub natural gas futures increased 0.5% to $2.61 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined 5.1 million barrels in the week ended April 10 following an increase of 1.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 900,000 barrels after a 3.1-million-barrel increase in the previous week, compared with the 1.9-million-barrel increase expected in a survey compiled by Bloomberg.In corporate news, ReNew Energy Global (RNW) shares rose 2.4% after the firm said Wednesday it has commissioned roughly 2.4 gigawatts of assets in fiscal 2026, bringing its total operating capacity to about 12.6 GW.Spire (SR) has agreed to sell its natural gas storage assets in Wyoming and Oklahoma to I Squared Capital for $650 million, the companies said Wednesday. Spire shares were down 0.4%.Equinor's (EQNR) Danske Commodities said it eliminated about 28 positions in March, as the company aims to further its new commercial strategy. Equinor shares fell 3.2%.NOV (NOV) shares fell 0.4% after the company said disruptions linked to the war in the Middle East are expected to weigh on its Q1 results, with revenue and earnings coming in below prior guidance due to logistical challenges and delayed equipment deliveries in the region.
Energy stocks were mixed Wednesday afternoon, with the NYSE Energy Sector Index easing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.3%.The Philadelphia Oil Service Sector Index was adding 0.5%, and the Dow Jones US Utilities Index was shedding 0.7%.In sector news, President Donald Trump downplayed the possibility of an extended war in Iran. Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days," as the army chief of mediator Pakistan arrived in Tehran in a bid to prevent a renewed conflict, Reuters reported. Pakistan's military confirmed Field Marshal Asim Munir had arrived in Tehran, the news report said. A senior Iranian source told Reuters that Munir, who had mediated the last round of talks, was heading to Iran "to narrow gaps" between the two sides.Front-month West Texas Intermediate crude oil was rising 0.7% to $91.87 a barrel, and the global benchmark Brent crude contract was advancing 0.6% to $95.40 a barrel. Henry Hub natural gas futures increased 0.2% to $2.61 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 5.1 million barrels in the week ended April 10 following an increase of 1.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 900,000 barrels after a 3.1-million-barrel increase in the previous week, compared with the 1.9-million-barrel increase expected in a survey compiled by Bloomberg.In corporate news, Spire (SR) has agreed to sell its natural gas storage assets in Wyoming and Oklahoma to I Squared Capital for $650 million, the companies said Wednesday. Spire shares were down 0.4%.Equinor's (EQNR) Danske Commodities said it eliminated about 28 positions in March, as the company aims to further its new commercial strategy. Equinor shares fell 1.7%.NOV (NOV) shares decreased 0.4% after the company said disruptions linked to the war in the Middle East are expected to weigh on its Q1 results, with revenue and earnings coming in below prior guidance due to logistical challenges and delayed equipment deliveries in the region.BP (BP) plans to simplify its business into two main divisions focused on oil and gas production and downstream operations, marking a shift away from its earlier energy transition strategy, multiple media sources reported Tuesday. BP shares were up 0.4%.
Energy stocks were leaning lower premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.3%.The United States Oil Fund (USO) was down 0.1% and The United States Natural Gas Fund (UNG) was 0.3% lower.Front-month US West Texas Intermediate crude oil was 0.9% higher at $92.10 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.5% to $95.30 per barrel, and natural gas futures were up 0.4% at $2.61 per 1 million British Thermal Units.Borr Drilling (BORR) shares were down more than 2% after the company priced a $260 million offering of 3.50% senior notes due 2033.NOV (NOV) stock was down more than 2% after the company said disruptions linked to the war in the Middle East are expected to weigh on its Q1 results, with revenue and earnings coming in below prior guidance due to logistical challenges and delayed equipment deliveries in the region.
Middle East onshore rig counts fell by 43 rigs, or 5% over the month in March, while offshore counts declined by 10 rigs, or 4%, RBC Capital Markets strategists said in a Tuesday note.These disruptions, along with higher logistics and staffing costs, are expected to pressure first-half results for companies with regional exposure, RBC said.In the US, Q1 rig counts totaled 530, down 7% over the year but above RBC's estimate of 518, prompting an upward revision to its 2026 forecast to 544 from 526.RBC expects activity to remain supported by higher oil prices, easing concerns about a potential drop in West Texas Intermediate crude to $50 per barrel coming into 2026.In Canada, rig counts reached 216, down 4% over the year but slightly above RBC's estimate of 214, with spending expected to remain broadly flat, RBC said.Meanwhile, oilfield services stocks have surged about 36% in 2026, with valuations shifting higher as the sector heads into the Q1 earnings season, strategists said.RBC said Q1 reporting begins Apr. 21 with Halliburton (HAL), Saipem, and Weatherford (WFRD), as investors assess geopolitical risks and future production recovery trends, the report said.RBC said US-focused companies have outperformed peers with Middle East exposure this year, reflecting stronger domestic activity trends and fewer geopolitical disruptions.The firm's top picks include Schlumberger (SLB), Baker Hughes (BKR), TechnipFMC (FTI), Enerflex (EFXT), Patterson-UTI Energy (PTEN), Hunting and CES Energy Solutions, according to the note.Meanwhile, RBC lowered its Q1 EBITDA estimates by 2.4%, with the largest revisions for Schlumberger (SLB) and Trican Well Service (TCW), while raising forecasts for Saipem, TechnipFMC and Enerflex.The revised estimates generally fall below consensus, particularly for Trican Well Service, Atlas Energy Solutions (AESI) and Calfrac Well Services (CFW), while exceeding expectations for Halliburton, Enerflex and Ensign Energy Services, RBC said.RBC downgraded Trican Well Service to sector perform from outperform with a $7.50 price target and cut NOV (NOV) to sector perform from outperform with a $21 price target.
NOV (NOV) offers potential upside from improvement in offshore and short-cycle activity, but there are more attractive ways to play these themes at present, RBC Capital Markets said Tuesday in a note.Major tailwinds include improved offshore activity in the second half supporting rig aftermarket revenue, ongoing progress on the Brazil flexible pipe, and improvement in the Middle East drilling and completion activity. NOV's energy equipment business is also executing on a $4.4 billion backlog, providing short-term financial stability, according to the note.NOV generates about 15% to 20% of its revenue from the Middle East, exposing it to the Iran war, while its product-based business faces inflationary pressure from higher transportation costs, the brokerage said.RBC raised its 2026 US land rig count estimate to 544 active rigs and said it would seek pressure pumpers for the most torque, in terms of utilization and pricing. Similarly, deescalation in the Middle East will likely benefit service-based companies more, the firm added.RBC's Q1 EBITDA estimate of $207 million is below the Street estimate of $210 million and NOV's guidance of $200 million to $225 million. The mid- to longer-term outlook is also not differentiated versus oilfield services peers, the brokerage said.RBC downgraded NOV to sector perform from outperform, with a price target of $21.Price: $19.23, Change: $-0.40, Percent Change: -2.06%
NOV (NOV) has an average rating of hold and mean price target of $20.47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
