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Update: National Oilwell Varco - A Risky Play On Muted Outlook

National Oilwell Varco (NYSE:NOV) announced strong financial performance for the fourth-quarter and fiscal 2014. The company had generated strong sales growth of 2% in the final quarter compared with Q3 of 2014 and an increase of 8% over the past year quarter. For the full fiscal year, NOV generated sales of $21.44B and adjusted EBITDA of $4.59B representing an increase of 14% over the past year. With the consistent growth in earnings, its cash generating potential is also enhancing. On the negative side, its order back-log for the rig system declined by 13% to $12.5B while back-log for completion and production equipment increased by 9% to…