NEW YORK (TheStreet) -- With the noticeable improvements in global energy spending, I've spent the past couple of weeks discussing the positive effects this has had on various oil/energy companies, like National Oilwell Varco (NOV) - Get Report, whose stock has reached new highs on the prospects of improved business conditions.

What's more, that Anadarko (APC) - Get Report has enjoyed above-average gains over the past couple of weeks, despite litigation concerns, suggests that the Street has already priced in a full-blown energy recover. While I've remained gun-shy about chasing these offshore drilling giants, Dril-Quip (DRQ) - Get Report, on the other hand, despite its year-to-date gains of 55%, still seems attractive to me. And it's probably the best oil services company you never heard of.

When factoring share-price gains of 160% over the past three years, if I'm ever pressured to pick one word to describe Dril-Quip, that word would be "great." But the company's greatness has only been matched by the Street's expectations.

Even so, the difference is, unlike many of its rivals, Dril-Quip management, which has already raised guidance multiple times this year, has always delivered. It's true that at a P/E of 30, which is 6 points higher than its five-year average, this stock is not cheap. But with stronger-than-expected demand coming in from offshore energy development, not to mention the stabilizing of oil and gas prices, I still see ample opportunities here for investors looking to play an energy rebound.

Given the third-quarter results seen from Cameron International (CAM) , including a 13% increase in revenues, not to mention a 50% jump in its backlog, Dril-Quip investors feared that Cameron had stolen market share and were chewing their nails in anticipation of what management's results were going to reveal. But as Dril-Quip has been known to do, it outperformed by every statistical measure.

Third-quarter revenues were up 18% year over year to $225 million, which outperformed Cameron's revenue results by 5%. What really caught my attention, though, was the 54% year-over-year jump in Dril-Quip's backlog. Now, given that I cited Cameron's 50% backlog increase as a defense against a couple of bearish attacks, it's only fair that Dril-Quip's backlog outperformance supports a bullish outlook.

And let's not forget, there was a point when the Street had raised concerns about Dril-Quip's business immediately after General Electric's (GE) - Get Report, with its deep pockets, entered the subsea energy equipment space. But these results demonstrate that not only can Dril-Quip co-exist among the titans, but it can actually beat them at their own game. And this is while it does things differently.

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One thing that I've always appreciated about this company is its capital-preservation strategies, which includes acquiring second-hand/refurbished equipment. This is in lieu of leveraging the company to a high annual expense budget. In other words, management has never been impressed by "shiny and new." Profits and operational efficiency has always remained the focus.

With profits soaring 35% year over year, that degree of fiscal awareness certainly helped during the third quarter. And seeing no slowdown on orders, the company also raised its full-year earnings-per-share guidance to a range of $4.10 to $4.20. When coupled with the strong backlog, it certainly seems as if management expects to dominate this sector for the foreseeable future. This -- in my opinion -- should make Dril-Quip an attractive acquisition candidate for both Cameron and GE.

Now I do want to keep things in proper context. I realize that I've "gushed" over this company quite a bit. But it's not because I'm discounting the risks that exists here. From a valuation perspective, as I've said, these shares are not cheap. And we must not discount the likelihood that the oil/energy sector may take a bad turn, which I believe is highly unlikely at this point.

Nevertheless, the Street is involved, we never want to assume anything, much less for a commodity company that is leveraged to the growth in offshore drilling in an unstable oil and gas industry. For now, Dril-Quip's reputation as a strong offshore driller continues to manifest itself in the company's results. And until I seen meaningful signs of business erosion and weak margins, I believe these shares should reach $130 in the next six to 12 months.

At the time of publication, the author held no position in any of the stocks mentioned.

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This article was written by an independent contributor, separate from TheStreet's regular news coverage.