Pritchard Reiterates Buy Rating On National Oilwell Varco

According to Pritchard, National Oilwell Varco (NYSE: NOV) Buy rating is reiterated.

Pritchard said that it believes the higher volumes of business going on the books now will flow through the income statement at higher margins – in 2012 – than itprojected previously. "NOV reported eps of $1.14, including the positive impact of a revision in certain manufacturing margins, versus PCP's estimate of $1.08 and consensus of $1.00."

National Oilwell Varco closed yesterday at $82.31.