IEZ: Strong 2026 Gains Meet A Constrained CapEx Outlook iShares U.S. Oil Equipment & Services ETF i...

IEZ: Strong 2026 Gains Meet A Constrained CapEx Outlook iShares U.S. Oil Equipment & Services ETF is rated Hold due to elevated valuations reflecting geopolitical-driven oil price spikes, despite moderating customer CapEx. IEZ's top holdings—SLB, Baker Hughes, and TechnipFMC—face slower oil and gas CapEx, with diversification efforts unlikely to offset near-term headwinds. IEZ's 2026 outperformance is attributed to transient geopolitical supply shocks, but its P/E and P/B ratios are stretched relative to historical norms.