Shares of NOV (NYSE: NOV) , the company formerly known as National Oilwell Varco, which supplies parts and services to the energy sector, rose steadily through morning trading on Wednesday before peaking with a gain of 11% at 1:30 p.m. EDT. The stock gave back a little ground, but was still higher by 9% at roughly 2 p.m. EDT.
The big driver here was the company's after-the-close earnings release on Tuesday. The headline numbers were rough, but investors were obviously looking at something else today.
NOV's revenue came in at about $1.25 billion in the first quarter of 2021; that was lower by roughly 6% sequentially from the fourth quarter last year and 34% below the comparable quarter in 2020. The company highlighted "extreme austerity" measures being taken in the exploration and production sector, with companies using parts from idled machines instead of buying them new. Bad weather and supply chain disruptions were also negatives.
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Why NOV Stock Rallied as Much as 11% Today