NATIONAL - OILWELL INC., designs, manufactures and sells machinery and equipment and distributes maintenance, repair and operating products in oil and gas drilling and production. The company's products include drawworks, mud pumps and power swivels, which are the major mechanical components of rigs used to drill oil and gas wells.
NATIONAL OIL (NOI) distributes its products worlwide.
With the dramatic drop in oilprices, during the first part of the year, NOI has gone from a 52 week high of $44 7/16 in October of 1997 to a low of $7 5/8 in September of this year.
Due to evaluations this stock (NOI) is HIGHLY oversold and should be considered as a possible takeover target.
NOI is currently trading at 9 times earnings (as of 10/23/98) which is the lowest P/E in the industry.
BTW - NOI just met quarterly earnings, despite the industry's current downtrend and insiders filed a 13D buying over 19.5% of the outstanding shares in September at prices between $9.50 - $12.69
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