Nov Inc
XMUN:NO8
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Nov Inc
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Nov Inc
NOV makes equipment and parts used to drill, lift, and move oil and gas. It sells drilling rigs, pumps, pipes, valves, and related replacement parts, and it also offers repair, maintenance, and field support for that equipment. Its customers are mainly oil and gas producers, drilling contractors, and service companies that need reliable hardware to work in harsh industrial settings. The company makes money by selling large pieces of equipment up front and by supplying the consumable parts, spare parts, and service work that keep that equipment running. A big part of NOV’s role is being a supplier to the upstream energy chain, where customers need specialized machines and components rather than consumer products. That means demand tends to follow drilling activity, equipment replacement needs, and the long life of oilfield assets. What makes NOV different is that it sits close to the “tools and hardware” side of energy production, not the commodity side itself. It is known for engineering-heavy products that have to withstand pressure, heat, and constant use in oilfields and on offshore rigs. Because many of its products are mission-critical and customized to the job, NOV often builds long customer relationships around installed equipment, replacement parts, and service support.
NOV makes equipment and parts used to drill, lift, and move oil and gas. It sells drilling rigs, pumps, pipes, valves, and related replacement parts, and it also offers repair, maintenance, and field support for that equipment. Its customers are mainly oil and gas producers, drilling contractors, and service companies that need reliable hardware to work in harsh industrial settings.
The company makes money by selling large pieces of equipment up front and by supplying the consumable parts, spare parts, and service work that keep that equipment running. A big part of NOV’s role is being a supplier to the upstream energy chain, where customers need specialized machines and components rather than consumer products. That means demand tends to follow drilling activity, equipment replacement needs, and the long life of oilfield assets.
What makes NOV different is that it sits close to the “tools and hardware” side of energy production, not the commodity side itself. It is known for engineering-heavy products that have to withstand pressure, heat, and constant use in oilfields and on offshore rigs. Because many of its products are mission-critical and customized to the job, NOV often builds long customer relationships around installed equipment, replacement parts, and service support.
Revenue: NOV reported second-quarter revenue of $2.13 billion, up 4% sequentially but down 2.5% year over year, with management saying execution was strong despite Middle East disruption.
Margins: Adjusted EBITDA was $283 million, or $243 million excluding about $40 million of tariff refunds, and management said incremental margins were very strong on better project mix, deliveries, and cost actions.
Middle East: The conflict still weighed on operations, especially offshore activity and logistics, but management said second-quarter results were slightly better than expected and assumes Q3 conditions stay broadly similar.
Outlook: NOV expects sequential and year-over-year revenue growth in Q3, with Energy Equipment roughly flat sequentially and Energy Products and Services up 5% to 7% year over year.
Orders: Energy Equipment book-to-bill was below 1 in Q2, but management still expects bookings to improve in the second half and sees 2027 as a stronger order year.
Longer term: Management argued NOV’s earnings power is being underestimated, pointing to a conservative high-watermark view of about $9.8 billion of annual revenue and roughly $1.5 billion of EBITDA as market recovery broadens.
Cash return: NOV bought back 3.2 million shares for $63 million, paid $64 million in dividends, and said it has returned over $1 billion to shareholders since launching its return-of-capital program.