- Shares of National Oilwell Varco (NOV) may be trailing the performance of the broad market over the past two years, but its "growth prospects remain plenty bright [thanks to] ramping orders for aftermarket parts and replacement orders for aging drill fleets," Jack Hough writes.
- There are a number of catalysts for the Houston-based company going forward, including a spinoff of the distribution business, a move Hough says could "unlock a higher valuation and potential for fast dividend growth."
- Falling operating margins should begin to rise this year and next, while FPSO sales and the parts business "could help offset any cooling in demand for offshore drilling rigs."
- Ultimately, the shares look cheap at 12.7X 2014 estimates, Barron's says.
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