NOV Inc.NOV
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Stronger offshore demand and growing backlog drove energy equipment segment performance.
Impact on stocks 1
Energy
NOV Inc.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.
NOV Inc.Stronger offshore demand and growing backlog drove energy equipment segment performance.