Stifel Holds the Line on NOV: Buy Rating Reaffirmed Despite Target Trim to $22

NOV Inc. (NYSE:NOV) is one of the stocks that look extremely cheap on paper. On July 16, 2025, Stifel analyst Stephen Gengaro maintained his Buy rating on NOV, while trimming the price target from $23 to $22, signaling strong conviction in the company’s trajectory even amid modest near‑term adjustments. That target still implies roughly 70% upside from current levels around $13.97, positioning NOV as a top pick for investors hunting undervalued growth in the energy equipment space.

Stifel’s reaffirmation arrives even after a rough stretch for NOV: recent quarterly earnings have disappointed, with flat to declining EPS and softness in demand for drilling and wellbore technology in offshore and land markets. Yet analysts’ continued confidence suggests belief in a recovery, supported by cost discipline, technical momentum, and a rebound in upstream drilling activity.

NOV Inc., formerly National Oilwell Varco, is a Houston-based heavyweight in oilfield services and equipment. Its businesses span Rig Technologies, Wellbore Tech, and supply chain solutions for upstream exploration and production. With global reach across 500+ service centers, it supports the world’s major oil and gas operators through equipment rental, manufacturing, engineering, and digital services.

While we acknowledge the potential of NOV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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