Oceaneering International (OII) Gains As Market Dips: What You Should Know
Oceaneering International (OII) closed at $26.03 in the latest trading session, marking a +1.52% move from the prior day. This move outpaced the S&P 500's daily loss of 1.47%. Elsewhere, the Dow lost 1.14%, while the tech-heavy Nasdaq lost 1.57%.
Heading into today, shares of the oilfield services company had gained 18.16% over the past month, outpacing the Oils-Energy sector's gain of 4.06% and the S&P 500's loss of 1.43% in that time.
Wall Street will be looking for positivity from Oceaneering International as it approaches its next earnings report date. 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%. Our most recent consensus estimate is calling for quarterly revenue of $638.09 million, up 14.01% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.87 per share and revenue of $2.37 billion, which would represent changes of +180.65% and +14.47%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Oceaneering International. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
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. Within the past 30 days, our consensus EPS projection has moved 1.46% higher. Oceaneering International is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Oceaneering International has a Forward P/E ratio of 29.56 right now. Its industry sports an average Forward P/E of 19.63, so we one might conclude that Oceaneering International is trading at a premium comparatively.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 42, which puts it in the top 17% 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.
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
