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NOV Stock Price News: 9.57% Hike

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NOV Inc. (NYSE: NOV)’s stock price increased to 14.88(April 28, market close) from the previous closing price of 13.58, which shows a hike of 1.30(9.57%). The day’s range was 13.58 – 15.07 and the volume was 9,364,144. The closing price of April 28 is the highest since March 22. The highest price in the same period being 15.08, also came on April 28. The current price as of 10:44AM EDT, April 29 stands at 15.15.

NOV Inc. (NYSE: NOV) today reported first quarter 2021 revenues of $1.25 billion, a decrease of six percent compared to the fourth quarter of 2020 and a decrease of 34 percent compared to the first quarter of 2020. Net loss for the first quarter of 2021 was $115 million, or 9.2 percent of sales, which included non-cash, pre-tax charges (“other items”, see Other Corporate Items for additional detail) of $9 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and other items) decreased $17 million sequentially to $0.

“We are encouraged by signs of an emerging global recovery for our industry,” stated Clay Williams, Chairman, President and CEO. “However, NOV’s weak first quarter results reflect the extreme austerity that descended on the oilfield following the economic shutdown of 2020, as our oilfield service customers preserved cash by cannibalizing idle equipment rather than buying new. Severe winter weather in Texas and Oklahoma, additional COVID lockdown measures in Asia, and supply chain disruptions further impacted first quarter results.

“Higher rig activity in North America and certain international markets, resulting from stronger oil prices, is leading to tangible improvements. We are seeing better volume and pricing for our products and services tied to activity, including drill bits, downhole tools, oilfield pipe inspection and wellsite services. Additionally, improving tendering activity is expected to drive additional capital equipment orders in the second half of 2021.

“NOV has undertaken extraordinary cost reduction measures over the past several quarters while continuing to invest in its next generation of products, leaving the Company well-positioned for a recovery. Global economic growth, shrinking crude inventories, stronger oil and gas prices, and recovering oilfield activity are expected to provide the foundation for a meaningful improvement in financial results as the year progresses,” concluded Williams.

15.15+0.27 (+1.85%)

As of 10:44AM EDT. Market open.

 

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