Oceaneering International (OII) Increases Despite Market Slip: Here's What You Need to Know
In the latest market close, Oceaneering International (OII) reached $20.22, with a +0.3% movement compared to the previous day. This move outpaced the S&P 500's daily loss of 0.32%. Meanwhile, the Dow lost 0.71%, and the Nasdaq, a tech-heavy index, lost 0.2%.
The oilfield services company's shares have seen a decrease of 2.89% over the last month, not keeping up with the Oils-Energy sector's loss of 2.12% and the S&P 500's gain of 4.59%.
The upcoming earnings release of Oceaneering International will be of great interest to investors. The company's earnings report is expected on February 22, 2024. The company's earnings per share (EPS) are projected to be $0.23, reflecting a 283.33% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $631.99 million, up 17.86% from the year-ago period.
Any recent changes to analyst estimates for Oceaneering International should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.22% increase. Currently, Oceaneering International is carrying a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that Oceaneering International has a Forward P/E ratio of 13.29 right now. This signifies no noticeable deviation in comparison to the average Forward P/E of 13.29 for its industry.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 197, this industry ranks in the bottom 22% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. 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
