NOV Inc, a leading provider of equipment and components for the oil and gas industry, saw its stock soar 10.97% in pre-market trading on Wednesday. This significant upward movement came after two prominent analysts reaffirmed their bullish outlook on the company's stock.
Analyst Marc Bianchi from TD Cowen maintained a Buy rating on NOV with a price target of $22.00, reflecting confidence in the company's prospects. Additionally, Stephen Gengaro from Stifel Nicolaus also reiterated a Buy rating, setting an even higher price target of $24.00 for the stock.
These positive analyst views highlight the optimism surrounding NOV's growth potential in the recovering oil and gas industry. As demand for energy continues to rise, NOV is expected to benefit from increased drilling activity and the need for its specialized equipment and services.
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