The oil industry isn't often known as a growth sector. However, thanks to new technologies and techniques, producers in the U.S. Consequently, several expect to grow their oil production at a breakneck pace this year, with Centennial Resource Development (NASDAQ: CDEV), Diamondback Energy (NASDAQ: FANG), and WPX Energy (NYSE: WPX) among the fastest-growing producers in the country.

Their rapidly growing output, when combined with an improvement in oil prices, should enable these oil stocks to grow earnings at an accelerated clip, which could send their shares skyward in 2018. That's upside growth investors won't want to overlook. Centennial Resource Development has been increasing its oil production at a remarkable rate, with output up 21% during the third quarter alone to 21,108 barrels per day.

It's just getting started, though, since last year was only its first full year in operations. By 2020, it expects to produce an average of 60,000 barrels of oil per day, which represents a peer-leading 71% compound annual growth rate. The reason Centennial is growing so fast is that its CEO is unabashedly bullish on oil, believing that the industry won't be able to meet the market's demands in the coming years, which should send crude prices even higher.

That's why his company hasn't hedged any production because he wants to make sure Centennial is one of the biggest winners if crude keeps rising. While Diamondback Energy won't grow quite as fast this year, it should still increase output quickly. 50 oil, which could fuel double-digit output growth each quarter.

60s, it will have the cash flow to add more rigs. In fact, it has the resource base to handle 15 to 18 drilling rigs, which could fuel "unprecedented growth" in the coming years if crude holds up, according to CEO Travis Stice. 60s, WPX could start producing excess cash this year.

The company would have a variety of options for that extra money, including fueling faster growth, paying down debt, or sending some back to investors via dividends or share buybacks. Any of those options could help further enhance shareholder value in 2018, and provide more fuel to push the stock higher.

Rising oil prices alone should fuel improved profitability across the oil sector this year. Fast-growing oil companies like Centennial, Diamondback, and WPX would enjoy accelerated earnings growth as the improved pricing spreads across more barrels. That's why investors who are looking for growth stocks for 2018 shouldn't overlook the potential that these high-octane oil stocks could fuel big-time returns this year. 10 stocks we like better than Diamondback EnergyWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen.

Diamondback Energy wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis. 2.63 for 2018. This level of demonstrated earnings growth outpaces the market's implied estimate of 1.87% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price. At the time of valuation, further research into Invesco Ltd.

1.15 per share, for a yield of 3.6%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share - ModernGraham) was 12.24, which was below the industry average of 21.55, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Principal Financial Group Inc qualifies for both the Defensive Investor and the Enterprising Investor. In fact, the company meets all of the requirements of both investor types, a rare accomplishment indicative of the company's strong financial position. The Enterprising Investor has no initial concerns.