Oceaneering International (OII) Gains As Market Dips: What You Should Know
In the latest trading session, Oceaneering International (OII) closed at $24.02, marking a +0.8% move from the previous day. This move outpaced the S&P 500's daily loss of 0.94%. Elsewhere, the Dow lost 0.22%, while the tech-heavy Nasdaq lost 1.53%.
Coming into today, shares of the oilfield services company had gained 11.51% in the past month. In that same time, the Oils-Energy sector gained 4.35%, while the S&P 500 gained 1.85%.
Oceaneering International will be looking to display strength as it nears its next earnings release. On that day, Oceaneering International is projected to report earnings of $0.26 per share, which would represent year-over-year growth of 13.04%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $638.09 million, up 14.01% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $0.87 per share and revenue of $2.37 billion. These totals would mark changes of +180.65% and +14.47%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Oceaneering International. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.46% higher within the past month. Oceaneering International is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Oceaneering International's current valuation metrics, including its Forward P/E ratio of 27.47. For comparison, its industry has an average Forward P/E of 19.58, which means Oceaneering International is trading at a premium to the group.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 58, which puts it in the top 24% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow OII in the coming trading sessions, be sure to utilize Zacks.com.
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Oceaneering International, Inc. (OII) : Free Stock Analysis Report
