Oceaneering International (OII) Gains As Market Dips: What You Should Know
The latest trading session saw Oceaneering International (OII) ending at $19.44, denoting a +0.57% adjustment from its last day's close. The stock's performance was ahead of the S&P 500's daily loss of 0.56%. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq lost 0.59%.
The oilfield services company's stock has dropped by 8.73% in the past month, falling short of the Oils-Energy sector's loss of 2.83% and the S&P 500's gain of 1.2%.
Analysts and investors alike will be keeping a close eye on the performance of Oceaneering International in its upcoming earnings disclosure. On that day, Oceaneering International is projected to report earnings of $0.23 per share, which would represent year-over-year growth of 283.33%. Meanwhile, our latest consensus estimate is calling for revenue of $631.99 million, up 17.86% from the prior-year quarter.
Investors should also take note of any recent adjustments 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.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.66% upward. Oceaneering International currently has a Zacks Rank of #1 (Strong Buy).
From a valuation perspective, Oceaneering International is currently exchanging hands at a Forward P/E ratio of 12.74. This valuation marks a discount compared to its industry's average Forward P/E of 13.47.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 215, putting it in the bottom 15% 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Oceaneering International, Inc. (OII) : Free Stock Analysis Report
