NOV Inc. initiated with a Buy at Benchmark

Benchmark analyst Kurt Hallead initiated coverage of NOV Inc. with a Buy rating and $28 price target. NOV is in a strong position to benefit from the need for energy sector to upgrade, enhance and rebuild existing equipment as well as re-stock depleted inventories to meet future demand for oil, gas and renewables, Hallead tells investors in a research note. Everything NOV manufactures is essential to securing current and future energy supplies, the analyst contends.