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NOV Experiences Rough First Quarter, Though Rebound Is Expected for Rest of 2021

Preston Caldwell Equity Analyst

Analyst Note

| Preston Caldwell |

NOV's first quarter revenue declined 6% sequentially, driven mainly by a 20% drop in the completion and production, or C&P, segment. By geography, revenue increased 10% in North America due to higher industrywide activity, but dropped 12% in international markets. Adjusted operating margins dipped to negative 6.3% from negative 4.9% previously, representing decrementals of 18%, a somewhat mild bottom-line deterioration reflecting the contribution from cost-cutting. Our fair value estimate and no-moat rating are unchanged following the results. 

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Company Profile

Business Description

NOV Inc is a leading supplier of oil and gas drilling rig equipment and products, such as downhole tools, drill pipe, and well casing. The company operates on a global scale, with more than a thousand locations in six continents.

7909 Parkwood Circle Drive
Houston, TX, 77036-6565
T +1 713 346-7500
Sector Energy
Industry Oil & Gas Equipment & Services
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 27,631