In the universe of stocks loosely described as “diversified industrial cyclicals”, Parker-Hannifin (NYSE: PH) stands out as an intriguing value proposition. In truth, it’s been an odd year for the sector: Forecasts for industrial production growth in 2016 have turned negative, while oil and gas capital expenditures continue to disappoint. Case in point, General Electric (NYSE: GE) was the latest to trim full-year revenue guidance on weak oil & gas markets — but diversified industrials have soared.