NOV Inc.

NOV Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.09 per share of common stock. The dividend is payable on September 25, 2026 to stockholders of record on September 11, 2026. NOV delivers technology-driven solutions to the global energy industry.

NOV Inc. reported second quarter 2026 revenues of $2.13 billion, up 4% sequentially and down 2% year-over-year, with net income of $112 million, or $0.31 per share. Adjusted EBITDA reached $283 million, an increase of $106 million sequentially and $31 million year-over-year, including a benefit of approximately $40 million related to tariff refunds. The company returned $127 million of capital to shareholders through share repurchases and dividends. Bookings for the quarter were $474 million, representing a book-to-bill of 74%. For the third quarter of 2026, management expects year-over-year consolidated revenues to be flat to up 2%, with Adjusted EBITDA between $240 million and $270 million.

NOV has secured a contract from Equinor to supply flexible pipe for three subsea tieback projects on the Norwegian Continental Shelf under the first wave of Equinor's NCS2035 development program. The award highlights NOV's role in standardized offshore field development and Equinor's confidence in its flexible pipe technology for marginal fields. The contract adds visible work in a core product line but does not eliminate near-term risks from delayed offshore final investment decisions that could pressure NOV's backlog and pricing. The win complements NOV's capital return program, which includes regular dividends and over US$610,000,000 in buybacks under the current authorization, even as Q2 2026 guidance points to a 4 percent to 6 percent year-over-year revenue decline with margins strained by Middle East disruptions and customer price sensitivity.

NOV recently secured a contract from Equinor to supply flexible pipe for three subsea tieback projects on the Norwegian Continental Shelf under the NCS2035 program. The stock has posted a 30-day share price return of 8.83%, a year-to-date return of 23.89%, and a one-year total shareholder return of 51.87%. With NOV closing at $20.33 against a narrative fair value of $21.40, the stock appears about 5% undervalued, though its price-to-earnings ratio of 80.2 times is well above the US Energy Services industry average of 27.5 times. Sustained investment in energy infrastructure, including LNG and gas processing, supports long-term growth in NOV's composite pipe and process systems.

NOV Inc. benefited from its energy equipment segment, which was a bright spot due to stronger offshore demand and a growing backlog, according to Artisan Mid Cap Value Fund's first-quarter 2026 investor letter. The fund noted that NOV ended 2025 with fourth-quarter revenue up nearly 5% sequentially and earnings beating expectations, driven by strong execution and market share gains. Cash flow generation remained solid, allowing continued capital returns to shareholders. However, the Middle East conflict is creating near-term headwinds through logistical disruptions and softer customer ordering, though the company reported no personnel injuries or facility damage. The fund believes the longer-term outlook remains intact, supported by NOV's diversified global footprint and a constructive offshore backdrop.