Nov Inc rises on JPM upgrade to 'overweight'

NOV

08/12/2023 15:00

(Updates)
     ** U.S. oil equipment and services supplier Nov Inc's
shares  NOV.N  up 3.41% at $19.08
    ** J.P. Morgan upgrades to "overweight" from "neutral",
raises PT to $25 from $22
    ** Brokerage says co to benefit from rising international
and offshore activity, and demand for after-market and spare
parts 
    ** Estimates EBITDA to rise ~25% to $1.26 billion for 2024
and ~15% to $1.44 billion in 2025
    ** Brokerage is less bullish on prospects for oilfield
services sector in 2024 due to lack of supply-side tightness in
oil and gas markets 
    ** Of 24 brokerages, 16 rate the stock "buy" or higher, 6
"hold" and 2 "sell"; their median PT is $25 - LSEG
    ** Including session gains, stock has fallen 8.66% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))