NOV Inc. appoints new president and CFO

HOUSTON - NOV Inc. (NYSE: NOV), a global provider of technology solutions for the energy industry, has announced significant changes to its leadership team as part of its ongoing succession planning strategy. Jose Bayardo, previously the Senior Vice President & Chief Financial Officer, has been elevated to the role of President & Chief Operating Officer. Concurrently, Rodney Reed, who was the President of NOV Process Flow Technologies, has been promoted to Senior Vice President & Chief Financial Officer.

Bayardo, who has been with NOV since 2015, brings extensive experience to his new position, having held senior roles at Continental Resources, Inc., Complete Production Services, Inc., and having worked in investment banking at J.P. Morgan. His educational background includes a BS in Chemical Engineering from the University of Texas at Austin, and he holds two master’s degrees from Northwestern University.

Reed’s history with NOV dates back to 2014, and his progression through the company includes leadership positions such as President of NOV’s Completion Tools business unit and Vice President of Corporate Development. Before NOV, Reed was a Senior Manager at Ernst & Young. He is an alumnus of Louisiana State University, holding both bachelor’s and master’s degrees in Accounting.

Clay Williams, NOV Chairman & CEO, expressed confidence in the newly appointed executives, stating, "Jose and Rodney are both seasoned executives with deep understanding of the industry we serve and NOV’s unique role within it. They are both well-prepared to assume their new responsibilities, to help NOV continue to drive superior results for our customers and our stakeholders."

NOV has a longstanding history of over 150 years in the energy sector, focusing on technological innovations that support the production of energy with minimal environmental impact. The company plays a critical role in improving oilfield operations and contributing to the advancement of sustainable energy practices. With a consistent track record of 17 consecutive years of dividend payments and a current dividend yield of 2.04%, NOV demonstrates strong commitment to shareholder returns. InvestingPro analysis reveals the company operates with moderate debt levels and maintains healthy liquidity, with current assets well exceeding short-term obligations.

This leadership transition is expected to maintain the company’s commitment to serving the energy industry’s evolving needs. Trading at an attractive P/E ratio of 9.35x and currently showing signs of being undervalued according to InvestingPro Fair Value analysis, NOV appears well-positioned for future growth. The information for this announcement is based on a press release statement from NOV Inc. For deeper insights into NOV’s valuation and growth prospects, including access to comprehensive Pro Research Reports covering 1,400+ top stocks, consider exploring InvestingPro’s advanced analytics platform.

In other recent news, NOV Inc. reported fourth-quarter results that exceeded analyst expectations, with adjusted earnings of $0.41 per share, surpassing the projected $0.36 per share. The company also reported revenue of $2.31 billion, beating the consensus estimate of $2.26 billion, despite a 1% year-over-year decrease. NOV’s net income for the quarter was $160 million, or $0.41 per diluted share, compared to $598 million, or $1.51 per share, in the same period last year, which included a significant tax-related benefit. Operating profit increased by 29% year-over-year to $207 million, while adjusted EBITDA rose by 3% to $302 million. For the full year 2024, NOV’s revenue grew 3% to $8.87 billion, with net income reaching $635 million, or $1.60 per diluted share.

In addition, Raymond James raised its price target for NOV to $19.00, maintaining an Outperform rating, citing the company’s strong free cash flow and order activity. The firm highlighted NOV’s healthy book-to-bill ratio and anticipated margin expansion, despite a flat revenue outlook for 2025. Raymond James also noted the company’s plans to increase shareholder returns through enhanced capital distribution. These developments reflect confidence in NOV’s strategic initiatives and potential for financial growth.

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