10 Best Oil and Gas Equipment & Services Stocks to Buy According to Hedge Funds

8. NOV Inc. (NYSE:NOV)

NOV Inc. (NYSE:NOV) is one of the 10 best oil and gas equipment & services stocks to buy according to hedge funds.

On April 7, Susquehanna increased the price target on NOV Inc. (NYSE:NOV) from $21 to $22 while maintaining a Positive rating on the stock. The firm adjusted targets in oilfield services as part of a first-quarter preview.

The firm noted that the current geopolitical tensions between Iran and its adversaries have acted as a major positive catalyst for commodities and energy stock prices. In this regard, Susquehanna lowered its estimates on oilfield services stocks that operate in the Middle East owing to rising costs, disruption, and delays associated with several projects. Nevertheless, Susquehanna notes that the impacts in the medium- to long-term are expected to be positive because of tightening supply conditions.

Back on March 4, Ati Modak from Goldman Sachs increased the price target on NOV Inc. (NYSE:NOV) from $17 to $20 while maintaining a Sell rating on the stock. The analyst highlighted that even though geopolitical risks might create some problems in the short run, there are already signs of some disturbances that might provide some opportunities compared to the fundamentals.

According to Modak, it seems that these geopolitical problems will not have any influence on the decisions of the client in the future, as much of the growth is neutralized by the negative trends and production capacity.

NOV Inc. (NYSE:NOV) operates in the renewable energy industry and is engaged in developing components and systems for oil and gas drilling. It offers devices used in drilling, including rig components, coiled tubing, cavity pumps, and more. Additionally, it also provides services like waste management, data, and digital solutions, to name a few.