NOV Inc. price target lowered to $20 from $22 at BMO Capital

BMO Capital analyst Phillip Jungwirth lowered the firm’s price target on NOV Inc. to $20 from $22 and keeps a Market Perform rating on the shares as part of a broader research note previewing Q3 results for Oilfield Services – OFS- and Refining names. The company’s late-cycle exposure should result in positive order growth and margin expansion, but execution has remained mixed and there is more competitive and less volatile free cash flow and capital return potential from oilfield service peers, the analyst tells investors in a research note.