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? Let's take a closer look at the stock's year-to-date performance to find out.
Forum Energy Technologies is one of 250 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #4 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Forum Energy Technologies is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past 90 days, the Zacks Consensus Estimate for FET's full-year earnings has moved 85.6% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, FET has gained about 123.8% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 31.4% on a year-to-date basis. This shows that Forum Energy Technologies is outperforming its peers so far this year.
Another stock in the Oils-Energy sector, National Energy Services Reunited (NESR), has outperformed the sector so far this year. The stock's year-to-date return is 109.5%.
The consensus estimate for National Energy Services Reunited's current year EPS has increased 8.3% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Forum Energy Technologies belongs to the Oil and Gas - Mechanical and and Equipment industry, a group that includes 12 individual companies and currently sits at #70 in the Zacks Industry Rank. This group has gained an average of 37.7% so far this year, so FET is performing better in this area. National Energy Services Reunited is also part of the same industry.
Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to Forum Energy Technologies and National Energy Services Reunited as they could maintain their solid performance.
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Forum Energy Technologies, Inc. (FET): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).