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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

10 Energy Stocks With Top Buy Ratings

4. National Oilwell Varco (NOV) supplies equipment and components used in oil and gas drilling and production operations. The company derives nearly 50% of its revenue from its rig technology segment.

The company reported 2011 first quarter revenue at $3.15 billion, up 4% from the same quarter last year. Net income increased 12% to $440 million from $394 million during the same quarter last year. Gross profit margin stood at 31.6%, rising marginally from 31.5% in 2010 fourth quarter.

Reviewing the business performance, Pete Miller, chairman, president and CEO of National Oilwell Varco, said, "Our Company got off to a good start in the first quarter of 2011. Our Petroleum Services & Supplies segment performed exceptionally well, and helped offset expected lower revenues from new rig projects. The high levels of oilfield activity are spurring demand for all our products and services, serving to reload our backlog of Rig Technology capital equipment, and enabling our Distribution Services team to put up very solid revenues and margins once again."

The stock is expected to deliver 26% over the next one year and has analysts' buy ratings of 88%. The stock is trading at 19 times its estimated 2011 earnings.

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