The stock of Oceaneering International, Inc. (NYSE:OII) is now priced at $5.39 and the shares are -0.03 points down or -0.55% lower compared to its previous closing price of $5.42. The stock had 1.625 million contracts set over the past session. OII shares’ daily volume is compared to its average trading volume at 1.453 million shares. However, it has a float of 97.72 million and although its performance was -0.19% over the week, it’s one to watch. Analysts have given the OII stock a yearly average price target of $6.62 per share. It means the stock’s upside potential is 22.82% with the OII share price recently placing at $5.245 to $5.49. However, some brokerage firms have priced the stock below the average, including one that has called $3.
The shorts are running away from the Oceaneering International, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the OII shares have declined. Short interest in the stock represents just 3.13% of its float, but the volume has dropped by 0.
In the last trading session, Oceaneering International, Inc. (NYSE:OII) dropped by -$0.01 over the week and lost -$0.1 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $15.99. The stock recorded its established 52-week high on 01/10/20.
Since 03/18/20, the stock has traded to a low of $2.01 at 168.16%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 3.33. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Oceaneering International, Inc.’s two-week RSI is 44.69. This suggests that the stock is neutral at the moment and that OII shares’ price movement remains stable. The stochastic readings are equally revealing at 27.3% meaning the OII share price is currently in overbought territory.
The technical chart shows that the OII stock will likely settle at between $5.5 and $5.62 per share. However, if the stock dips below $5.26, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.13.
Currently, the stock is trading in the green of MACD, with a reading of 0.02. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Cowen though raised target price of OII stock from $5.50 to $6 but maintained Market Perform recommendation in their August 07 review. Citigroup analysts upgraded their recommendation of the stock from Neutral to Buy while keeping its target price at $4 to $7 in a flash note released to investors on April 24. Bernstein seeing the improvements upgraded the stock from Underperform to Mkt Perform on April 06.
The average rating for the OII equity is 2.56 and is currently gathering a bullish momentum. Of 18 analysts tracking Oceaneering International, Inc. polled by Reuters, 9 rated OII as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Oceaneering International, Inc. (NYSE:OII) will decrease by about -99.9%, which will see them reach $419 million. The company’s full-year revenues are, however, expected to diminish by about -12.68%, down from $2050 million to $1790 million. OII’s expected adjusted earnings should drop almost -46.67% to end up at -$0.16 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -36.9% to record -$0.53/share.