NOV Inc's stock surged 5.01% during intraday trading on Wednesday, marking a significant upward movement for the energy equipment provider.

The sharp rise appears to be driven by two key developments. First, NOV announced it has secured contracts for the design and supply of critical equipment for a next-generation wind turbine installation jack-up vessel for Hanwha Ocean. The NG-16000X vessel represents advanced technology with enhanced capacities and is prepared for alternative fuel adaptations, with delivery expected in 2028.

Additionally, analyst sentiment provided further support as Citigroup raised its price target on NOV shares to $20 from $17, while maintaining a Neutral rating on the stock. The combination of a substantial new contract in the growing renewable energy sector and improved analyst valuation contributed to the stock's strong performance.