In the following video, Fool analysts Jim Mueller and Austin Smith discuss the biggest reasons investors should be looking at National Oilwell Varco.

National Oilwell is the picks-and-shovels company of the oil-drilling industry. It provides parts for every drilling rig in the world, Jim says. Any area of the operation you can think of, it has a hand in.

It also works with both onshore and offshore drillers, Austin says. That means it will continue to do well no matter where the drillers shift their focus.

As a bonus, National Oilwell is also a successful acquirer of its competitors, Jim says. It now owns about 60% of its market, and it's been slowly acquiring more and more of its smaller competitors, building an even more dominant position in the industry.