Opinion on  National Oilwell Varco Inc (NOV)     Sector: Energy  >  Industry: Oil Well Services & Equipment
The drillers are undervalued

I would also look at MDR and HAL.  Avoid SLB.  It seems fairly valued.

There are a lot of babies being thrown out with bathwater.  The drillers are among them.  Take this opportunity to scoop up some great companies that were already cheap. 

In a world where it's increasingly hard to find oil & gas and most of it is in difficult places, thise with deepwater expertise, experience, and equipment will rule the roost.  Check out this BusinessWeek article on Schlumberger (SLB) from January. 

5-year estimated earnings growth: 45%
PEG ratio: 0.39

President Bush will lift the ban on offshore drilling in an ill-fated attempt to lower crude prices. 

Yesterday, Jim Cramer interviewed NOV CEO Pete MIller on Mad Money .