Published on 10 May 2022 on Zacks via Yahoo Finance
Shares of NOV Inc. NOV have dropped 8% since the company’s first-quarter 2022 earnings announcement on Apr 28.
The stock performance could be attributed to the oil and gas equipment company posting an adjusted loss of 13 cents per share, wider than the Zacks Consensus Estimate of a loss of 6 cents. The underperformance reflects geopolitical turmoil-driven headwinds in the form of supply-chain bottlenecks, elevated costs and labor issues.
However, the bottom line improved from the year-ago loss of 28 cents on the steady recovery in demand and activity levels in the oilfield patch amid the surging commodity prices.