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: ID:nGNX50SF2X

Key Details

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

Reuters Recommended Reads

• Oct 26 - Nucor beats Q3 sales estimates on steel mills unit growth

• Oct 27 - ONEOK Q3 results beat estimates on higher product volumes; raises 2026 outlook

• Oct 26 - Noble Q3 net loss widens on rigs transitioning between contracts; co lowers FY revenue guidance

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)