Investors interested in Oils-Energy stocks should always be looking to find the best-performing companies in the group. Forum Energy Technologies (FET) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question.
Forum Energy Technologies is a member of our Oils-Energy group, which includes 252 different companies and currently sits at #12 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Forum Energy Technologies is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for FET's full-year earnings has moved 48.2% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
Based on the latest available data, FET has gained about 101.1% so far this year. Meanwhile, stocks in the Oils-Energy group have gained about 26.3% on average. As we can see, Forum Energy Technologies is performing better than its sector in the calendar year.
One other Oils-Energy stock that has outperformed the sector so far this year is Nov Inc. (NOV). The stock is up 27.9% year-to-date.
In Nov Inc.'s case, the consensus EPS estimate for the current year increased 4.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Breaking things down more, Forum Energy Technologies is a member of the Oil and Gas - Mechanical and and Equipment industry, which includes 12 individual companies and currently sits at #77 in the Zacks Industry Rank. On average, stocks in this group have gained 26.7% this year, meaning that FET is performing better in terms of year-to-date returns. Nov Inc. is also part of the same industry.
Investors interested in the Oils-Energy sector may want to keep a close eye on Forum Energy Technologies and Nov Inc. as they attempt to continue their solid performance.
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This article originally published on Zacks Investment Research (zacks.com).