National-Oilwell (NOV) Remains Untouchable in Rig Technology - Cramer

National-Oilwell Varco (NYSE: NOV) is seeing some positive action ahead of the bell Friday, as clever cash committer Jim Cramer touted the stock.

Late Thursday, Cramer likened National-Oilwell to Apple (Nasdaq: AAPL), saying the Company dominated technology used on oil rigs as much as Apple does in the consumer electronics and media space.

But its an oil rig. How much technology is needed? "Just give someone a wrench, hardhat, and send them on their way," you might be saying to yourself. Well, Cramer notes that National-Oilwell operates four colleges to train enough employees on how to build and operate its equipment.

National-Oilwell's technology and software is used on 55 percent of on-shore rigs, with 86 percent of its backlog consisting of deep water equipment.

Currently, National-Oilwell is going for 12 times earnings estimates and just 1 time its growth rate. Cramer says those metrics indicate National-Oilwell should be trading about 60 percent higher.

Shares are indicated up about 1 percent early Friday.

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