National Oilwell Hits New Highs

Oct.26.10 | About: National Oilwell (NOV)

National-Oilwell (NYSE:NOV) is a worldwide leader in the design, manufacture and sale of machinery and equipment and in the distribution of maintenance, repair and operating products used in oil and gas drilling and production. The Company's machinery and equipment include drawworks, mud pumps and power swivels, which are the major mechanical components of rigs used todrill oil and gas wells. Many of these components are designed specifically for applications in offshore, extended reach and deep land drilling.

As the world wide recovery happens all energy companies should be poised to benefit.

NOV has a 100% Barchart technical buy signal hitting 15 new highs and an increase in price of 17.60% in the last month. The stock trades around 51.99 which is above its 50 day moving average of 43.04. The stock has a Relative Strength Index of 74.25% and is rapidly rising.

Wall Street brokerages have 23 buy and 6 hold reports published and their brokers are pushing the expected 5 year annual EPS growth projections of 7.20% to their clients.

This is a widely held general investor stock and the CAPS members on Motley Fool are voting 3,067 to 52 that the stock will beat the market. The more experienced All Stars agree with a vote of 1,096 to 9. The Wall Street columnists followed by Fool have written favorable articles 14 to 1.

This energy play has:

  • 100% Barchart technical buy signal
  • 15 new highs in the last month
  • Relative Strength Index of 74.25% and rising
  • Positive Wall Street and general investor sentiment

Disclosure: No position at the time of publication