Oceaneering International (OII) Rises Yet Lags Behind Market: Some Facts Worth Knowing
In the latest market close, Oceaneering International (OII) reached $20.77, with a +0.34% movement compared to the previous day. The stock lagged the S&P 500's daily gain of 0.96%. Elsewhere, the Dow gained 0.4%, while the tech-heavy Nasdaq added 1.3%.
The oilfield services company's stock has climbed by 7.09% in the past month, exceeding the Oils-Energy sector's loss of 0.51% and the S&P 500's gain of 3.69%.
Market participants will be closely following the financial results of Oceaneering International in its upcoming release. The company plans to announce its earnings on February 22, 2024. The company is expected to report EPS of $0.23, up 283.33% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $631.99 million, up 17.86% from the prior-year quarter.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Oceaneering International. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 remained stagnant. As of now, Oceaneering International holds a Zacks Rank of #1 (Strong Buy).
Investors should also note Oceaneering International's current valuation metrics, including its Forward P/E ratio of 13.65. This denotes a premium relative to the industry's average Forward P/E of 13.64.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 181, positioning it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Oceaneering International, Inc. (OII) : Free Stock Analysis Report
