Oceaneering International (OII) Outperforms Broader Market: What You Need to Know
In the latest market close, Oceaneering International (OII) reached $20.68, with a +0.44% movement compared to the previous day. The stock exceeded the S&P 500, which registered a gain of 0.29% for the day. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw an increase of 0.43%.
The the stock of oilfield services company has fallen by 4.68% in the past month, leading the Oils-Energy sector's loss of 5.56% and undershooting the S&P 500's gain of 2.08%.
The investment community will be closely monitoring the performance of Oceaneering International in its forthcoming earnings report. The company's upcoming EPS is projected at $0.23, signifying a 283.33% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $631.99 million, showing a 17.86% escalation compared to the year-ago quarter.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Oceaneering International. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.66% higher. Currently, Oceaneering International is carrying a Zacks Rank of #1 (Strong Buy).
In the context of valuation, Oceaneering International is at present trading with a Forward P/E ratio of 13.58. Its industry sports an average Forward P/E of 14.2, so one might conclude that Oceaneering International is trading at a discount comparatively.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 225, this industry ranks in the bottom 11% of all industries, numbering over 250.
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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Oceaneering International, Inc. (OII) : Free Stock Analysis Report
