Jim Cramer: This Oil Name is ‘Seriously Undervalued’

National Oilwell Varco is more than just another part of the oil and gas complex, yet it trades like it is just an insignificant link the chain, “Mad Money” host Jim Cramer said Thursday.

NOV makes oil rigs and all the drilling and production equipment needed to run them.

“In reality this is an innovative tech company that makes drilling possible, especially deepwater drilling, an area that's currently experiencing a renaissance where National Oilwell's technology is unrivaled,” he said.

Cramer thinks that while National Oilwell Varco will always be somewhat pegged to oil and gas prices, it is seriously undervalued. It is selling for less than 12 times next year’s earnings, despite having a 19 percent growth rate.

“It trades like a commodity play, when it fact it’s a purveyor of highly proprietary technology,” he said.

Cramer suggests buying National Oilwell on any of “these couple dollar drops in crude.”

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