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.

2. FMC Technologies ( FTI) designs advanced technologies, including processing systems and high-pressure valves and fittings, for energy companies.

Quarter: Fourth-quarter profit inched up 2.1% to $93 million, or 75 cents, as revenue declined 3.7% to $1.2 billion. The operating margin remained steady at 12%. FMC's balance sheet stores $461 million of cash and $420 million of debt.

Stock: FMC Technologies has nearly doubled during the past 12 months, outpacing benchmarks. The stock sells for a price-to-projected-earnings ratio of 19, on par with competitors' shares. It's expensive based on book value and cash flow.

Consensus: Of researchers following FMC Technologies, six rate its stock "buy," 14 rate it "hold" and two rank it "sell." Morgan Stanley expects the stock to perform in line with the market, but projects a share price of $80, implying 33% upside.

1. Dril-Quip ( DRQ) designs drilling equipment for harsh-offshore and deep-water environments, including wellheads and specialty connectors.

Quarter: Fourth-quarter profit rose 15% to $29 million, or 72 cents, as revenue ascended 4.3% to $141 million. The operating margin extended from 25% to 26%. Dril-Quip holds $198 million of cash, equating to a quick ratio of 3.1, and $1 million of debt.

Stock: Dril-Quip has more than doubled in the past year, beating U.S. indices. The stock trades at a price-to-projected-earnings ratio of 18, an 18% discount to its peer-group average. It's expensive based on book value, sales and cash flow.

Consensus: Of analysts covering Dril-Quip, five advocate purchasing its shares and four counsel holding them. Bank of America and Jefferies are bullish on the stock. TheStreet's stock model projects a price target of $79.12, leaving a potential 31% gain.

View Energy Equipment, Services Portfolio

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