Analyst Note| Katherine Olexa |
NOV’s third-quarter results reflect strong oil and gas production activity despite persistent supply chain disruptions weighing on operational results. Total revenue grew 9% quarter over quarter and 41% year over year, while the companywide operating margin held steady at 3%. We’re raising our fair value estimate slightly to $22 per share from $20 following results. Our no moat and stable moat trend ratings and Morningstar Uncertainty Rating of Very High are unchanged.