We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Strength Seen in Oceaneering International (OII): Can Its 19.5% Jump Turn into More Strength?
Read MoreHide Full Article
Oceaneering International (OII - Free Report) shares soared 19.5% in the last trading session to close at $18.20. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 29.4% gain over the past four weeks.
Oceaneering International stock rose for the seventh time in nine days, driven by improving outlook for the industry. In a presentation yesterday, oilfield service biggie Schlumberger (SLB - Free Report) painted an optimistic picture of the energy sector, asserting the strong fundamentals and an imminent growth cycle. As it is, the rally in crude prices to a multi-year high of around $68 a barrel on the back of calibrated OPEC+ cuts and an upbeat demand forecast has lifted the oilfield service space and contributed to the strength in the company.
Price and Consensus
This oilfield services company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +135.7%. Revenues are expected to be $465.35 million, up 8.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Oceaneering International, the consensus EPS estimate for the quarter has been revised 177.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on OII going forward to see if this recent jump can turn into more strength down the road.
Image: Bigstock
Strength Seen in Oceaneering International (OII): Can Its 19.5% Jump Turn into More Strength?
Oceaneering International (OII - Free Report) shares soared 19.5% in the last trading session to close at $18.20. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 29.4% gain over the past four weeks.
Oceaneering International stock rose for the seventh time in nine days, driven by improving outlook for the industry. In a presentation yesterday, oilfield service biggie Schlumberger (SLB - Free Report) painted an optimistic picture of the energy sector, asserting the strong fundamentals and an imminent growth cycle. As it is, the rally in crude prices to a multi-year high of around $68 a barrel on the back of calibrated OPEC+ cuts and an upbeat demand forecast has lifted the oilfield service space and contributed to the strength in the company.
Price and Consensus
This oilfield services company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +135.7%. Revenues are expected to be $465.35 million, up 8.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Oceaneering International, the consensus EPS estimate for the quarter has been revised 177.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on OII going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>