In the following video, Fool analysts Jim Mueller and Austin Smith talk about what investors in National Oilwell Varco should be looking for.

With companies like NOV, which has very broad exposure to the energy sector, it can be difficult for investors to know what they should focus on. Jim, however, sees three key areas for NOV.

The first is the price of oil. As oil prices rise, the Big Oil companies want to drill more wells, increasing business for NOV. But when prices fall, the opposite happens and demand for NOV's products shrinks.

The second is NOV's backlog. Right now, NOV has a backlog of orders to execute worth about one year's revenue. Investors want to see that backlog growing or holding steady.

The last area is growth in non-fossil-fuel energy. Fossil fuels are not environmentally friendly, and the move toward wind, solar, and electric vehicles will cut into the demand for oil long-term

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