Oceaneering International (OII) Rises But Trails Market: What Investors Should Know
The most recent trading session ended with Oceaneering International (OII) standing at $20.25, reflecting a +0.15% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 0.23%. Elsewhere, the Dow saw an upswing of 0.37%, while the tech-heavy Nasdaq appreciated by 0.07%.
Shares of the oilfield services company have depreciated by 0.93% over the course of the past month, outperforming the Oils-Energy sector's loss of 2.01% and lagging the S&P 500's gain of 5.3%.
Investors will be eagerly watching for the performance of Oceaneering International in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 22, 2024. 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%. Alongside, our most recent consensus estimate is anticipating revenue of $631.99 million, indicating a 17.86% upward movement from the same quarter last year.
Investors might also notice recent changes to analyst estimates for Oceaneering International. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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.
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. The Zacks Consensus EPS estimate remained stagnant within the past month. Oceaneering International presently features a Zacks Rank of #1 (Strong Buy).
Looking at its valuation, Oceaneering International is holding a Forward P/E ratio of 13.33. This valuation marks no noticeable deviation compared to its industry's average Forward P/E of 13.33.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 195, this industry ranks in the bottom 23% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Oceaneering International, Inc. (OII) : Free Stock Analysis Report
