NOV Stock Gains 32% in Six Months: Should Investors Hold or Move On?

NOV shares have risen 31.5% over the past six months, outperforming its sub-industry, sector and peers, as investors weigh a favorable long-term energy equipment cycle against near-term margin pressure. The company sees stronger demand from offshore and subsea projects, with backlog visibility extending into 2028 and a $200 million Brazil capacity expansion underway. NOV also expects 2026 EPS growth of 37.1% to 85 cents per share. However, the stock faces risks from Middle East disruptions, tariff and inflation costs, and higher capital spending of $340 million-$370 million in 2026. Zacks notes 2026 earnings estimates have been cut 2.3% in the past month, leading to a Hold view despite the constructive industry backdrop.