Oceaneering International (OII) Gains As Market Dips: What You Should Know
Oceaneering International (OII) closed at $24.63 in the latest trading session, marking a +1.86% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.7%. At the same time, the Dow lost 0.57%, and the tech-heavy Nasdaq lost 1.06%.
Prior to today's trading, shares of the oilfield services company had gained 14.49% over the past month. This has outpaced the Oils-Energy sector's gain of 4.46% and the S&P 500's gain of 0.58% in that time.
Investors will be hoping for strength from Oceaneering International as it approaches its next earnings release. In that report, analysts expect Oceaneering International to post earnings of $0.25 per share. This would mark year-over-year growth of 8.7%. Meanwhile, our latest consensus estimate is calling for revenue of $638.09 million, up 14.01% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.86 per share and revenue of $2.37 billion, which would represent changes of +177.42% and +14.47%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Oceaneering International. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 14.21% lower. Oceaneering International is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Oceaneering International is holding a Forward P/E ratio of 28.28. For comparison, its industry has an average Forward P/E of 19.2, 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 73, which puts it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Oceaneering International, Inc. (OII) : Free Stock Analysis Report
