NOV Q3 revenue beats estimates on Middle East demand
Overview
US energy technology firm's Q3 revenue rose 2% yr/yr, beating analyst expectations
Adjusted EPS for Q3 was $0.25, net income rose yr/yr
Adjusted EBITDA for Q3 rose yr/yr to $281 mln
Outlook
Company expects Q4 2026 revenue to be roughly flat year-over-year
NOV sees Q4 2026 Adjusted EBITDA between $260 mln and $300 mln
Result Drivers
MIDDLE EAST DEMAND - Co said revenue growth was driven by supporting customers in the Middle East and ramping manufacturing throughput against a growing backlog in Energy Products and Services
MANUFACTURING THROUGHPUT - Increased manufacturing throughput and operational efficiencies in Energy Products and Services segment led to higher margins
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $2.23 bln | $2.20 bln (11 Analysts) |
Q3 EPS | $0.25 | ||
Q3 Net Income | $90 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 10 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the oil related services and equipment peer group is "buy."
Wall Street's median 12-month price target for NOV Inc. is $22.50, about 9.5% above its October 27 closing price of $20.55
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 18 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)