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By Benjamin Lee

Stocks that outperform their industry peers and trade at high price-to-earnings (P/E) ratios can often be intriguing, as it is hard to argue with exceptional results. However, over-exuberance in the market hardly ever goes unnoticed, or unpunished.

"Bulls and bears make money, pigs get slaughtered."

The following stocks have abnormally high P/E ratios and are currently trading near 52-week highs. Keep an eye on these stocks, as they are significantly overvalued relative to their industry peers, and may be ripe for a pullback:

1) Golar LNG (NASDAQ:GLNG): Shares of Golar have an astounding P/E value of 27,702.48, which is the highest in the water transportation industry (industry average is 3,085.93) . The stock hit a 52-week high of $35.32 in today's session. The year-to-date performance of Golar has been a gain of 138.3%.

In its last earnings report, Golar fell short of analyst expectations, reporting earnings of $0.24 per share versus $0.28 estimates. The company's next earnings report is scheduled for the week of August 31st, 2011.

Golar LNG owns and operates liquefied natural gas carriers and floating storage regasification units.

2) Melco Crown Entertainment (NASDAQ:MPEL): Shares of Melco Crown have an astounding P/E value of 720.72, which is the highest in the casinos and gaming industry (industry average is 109.63) . The stock hit a 52-week high of $12.80 in today's session. The year-to-date performance of Melco has been a gain of 99.2%.

In its last earnings report, Melco fell short of analyst expectations, reporting earnings of $0.01 per share versus estimates of $0.05 per share. The company's next earnings report is scheduled for the week of July 25th, 2011.

Melco Crown Entertainment is a developer, owner, and operator of casino entertainment resorts in Macau. It is one of only six companies licensed to operate casinos there.

3) Volcano Corporation (NASDAQ:VOLC): Shares of Volcano Corporation have an astounding P/E value of 162.83, which is among the highest in the medical equipment and supplies industry (industry average is 22.61) . The stock hit a 52-week high of $31.95 in yesterday's session. The year-to-date performance of Volcano has been a gain of 16.5%.

In its last earnings report, Volcano met analyst expectations, reporting earnings of $0.02 per share. The company's next earnings report is scheduled for the week of July 25th, 2011.

Volcano is a designer, manufacturer, and developer of consoles and single-use disposables used in the diagnosis and treatment of vascular disease.

4) Fomento Economico Mexicano S.A. (NYSE:FMX): Shares of Fomento Economico have an astounding P/E value of 139.88, which is the highest in the Beverages (nonalcoholic) industry (industry average is 23.75) . The stock hit a 52-week high of $66.55 in today's session. The year-to-date performance of Fomento has been a gain of 19.1%.

In its last earnings report, Fomento fell short of analyst expectations, reporting earnings of $0.46 per share versus estimates of $0.62 per share. The company's next earnings report is scheduled for the week of August 11th, 2011.

Fomento Economico Mexicano is a holding company, which conducts operations through principal holding companies (referred to as principal sub-holding companies) . These companies include Coca-Cola FEMSA, which produces, markets, and distributes soft drinks, and FEMSA Comercio, which operates convenience stores.

5) Rosetta Resources (NASDAQ:ROSE): Shares of Rosetta Resources have an astounding P/E value of 115.02, which is among the highest in the oil and gas Operations industry (industry average is 36.88) . The stock hit a 52-week high of $53.87 in today's session. The year-to-date performance of Rosetta Resources has been a gain of 37.4%.

In its last earnings report, Rosetta fell short of analyst expectations, reporting earnings of $0.21 per share versus estimates of $0.29 per share. The company's next earnings report is scheduled for the week of August 8th, 2011.

Rosetta Resources is involved in exploration, development, production, and acquisition of onshore oil and gas resources in the United States. The company's operations are mainly concentrated in South Texas.

6) Fortinet (NASDAQ:FTNT): Shares of Fortinet have a high P/E value of 83.67, which is among the highest in the software and Programming industry (industry average is 53.89. The stock hit a 52-week high of $27.19 in today's trading session. The year-to-date performance of Fortinet has been a gain of 66.3%.

In its last earnings report, Fortinet met analyst expectations, reporting earnings of $0.09 per share. The company's next earnings report is scheduled for the week of July 18th, 2011.

Fortinet provides network security appliances and Unified Threat Management network security solutions to numerous companies and governments throughout the world.

7) Cabot Oil and Gas (NYSE:COG): Shares of Cabot Oil and Gas have an extremely high P/E value of 78.39, which is among the highest in the oil and gas industry (industry average is 36.88) . The stock hit a 52-week high of $67.34 in today's trading session. The year-to-date performance of Cabot has been a gain of 74.2%.

In its last earnings report, Cabot beat analyst expectations, reporting earnings of $0.20 per share versus estimates of $0.12 per share. The company's next earnings report is scheduled for the week of July 27th, 2011.

Cabot Oil and Gas is an independent oil and gas company, which is involved in the development, exploration, and acquirement of oil and gas properties in the United States.

8) Caliper Life Sciences (NASDAQ:CALP): Shares of Caliper Life Sciences have an astounding P/E value of 108.35, which is among the highest in the scientific and technical instrument industry (industry average is 26.24) . The stock hit a 52-week high of $8.01 in today's session. The year-to-date performance of Caliper Life Sciences has been a gain of 25.7%.

In its last earnings report, Caliper met analyst expectations, reporting earnings of $0.01 per share. The company's next earnings report is scheduled for the week of August 2nd, 2011.

Caliper Life Sciences develops and sells products and services to numerous pharmaceutical and biotechnology companies, as well as to government and other research establishments.

Disclaimer: Neither Benzinga nor its staff recommends that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

Source: Too Hot for Their Own Good: Overheating Stocks Ripe for a Pullback