BOSTON ( TheStreet) -- Oil prices have dipped to a three-week low, hurt by a stronger U.S. dollar. Still, oil futures have risen almost 50% in the past year. Energy equipment and services stocks are protected from retreating oil prices. Here are the top three stocks in that sector, according to TheStreet's quantitative equity model.

3. Atwood Oceanics ( ATW) engages in offshore drilling and provides support and consulting services to other oil and gas explorers.

Quarter: Fiscal first-quarter profit decreased 15% to $67 million, or $1.03 a share, as revenue declined 0.8% to $164 million. The operating margin narrowed from 56% to 50%. Atwood Oceanics holds $187 million of cash and $275 million of debt.

Stock: Atwood Oceanics has nearly doubled in the past year, outperforming U.S. indices. The stock trades at a price-to-projected-earnings ratio of 7.5 and a price-to-book ratio of 1.9, reflecting 65% and 28% discounts to peer-group averages.

Consensus: Of analysts covering Atwood Oceanics, six advise purchasing its shares, 10 recommend holding and two suggest selling them. C.K. Cooper & Co. offers the loftiest price target, expecting the stock to advance another 81% to $62.

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