Oceaneering International (OII) Gains As Market Dips: What You Should Know
In the latest trading session, Oceaneering International (OII) closed at $24.96, marking a +1.3% move from the previous day. The stock outpaced the S&P 500's daily loss of 1.37%. Elsewhere, the Dow lost 1.29%, while the tech-heavy Nasdaq lost 1.87%.
Coming into today, shares of the oilfield services company had gained 2.54% in the past month. In that same time, the Oils-Energy sector lost 1.79%, while the S&P 500 lost 4.93%.
Wall Street will be looking for positivity from Oceaneering International as it approaches its next earnings report date. This is expected to be October 25, 2023. 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.
It is also important to note the recent changes to analyst estimates for Oceaneering International. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.46% higher. Oceaneering International is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Oceaneering International is currently trading at a Forward P/E ratio of 28.4. This represents a premium compared to its industry's average Forward P/E of 19.14.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 107, putting it in the top 43% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Oceaneering International, Inc. (OII) : Free Stock Analysis Report
