NOV - National Oilwell Varco
NOV split 2:1 at about $74 and we never got a pullback to our breakdown target at $70. The breakout target was hit on Thursday's spike and we are now back in the play. The Thursday sell off knocked NOV back under $80 but I have confidence it will continue higher.
National Oilwell Varco, Inc. (NOV) is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The Company operates in three segments: Rig Technology, Petroleum Services & Supplies, and Distribution Services. The Rig Technology segment designs, manufactures, sells and services complete systems for the drilling, completion and servicing of oil and gas wells. The Petroleum Services & Supplies segment provides a variety of consumable goods and services used to drill, complete, remediate and workover oil and gas wells, service pipelines, flowlines and other oilfield tubular goods. The Distribution Services segment provides maintenance, repair and operating supplies, and spare parts. In March 2006, NOV acquired Soil Recovery A/S. In November 2006, it acquired Rolligon Ltd. In December 2006, it acquired 87% of NQL Energy Services Inc.
Breakout Trigger: $80, hit 10/11/07
Position: 2008 May $90 Call NON-ER @ $7.20