NOV: Strategic Hold Amid Transition Toward 2026 Cycle Convergence

2025-12-14 06:25:00 ET

My ‘Hold’ investment thesis for NOV Inc. ( NOV ) depends on a transition year in FY2025 that leads to a possible blending of offshore and international upcycles in FY2026. The logic for a Hold rating comes from the conflicting timelines attached to its segments’ topline. I mean that the Energy Equipment segment has a record backlog of $4.56 billion under offshore production demand; however, the short-cycle Energy Products and Services segment is countering headwinds from softening North American activity and white space in offshore driller contracting....

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