Capital One Soutcoast Upgrades Oceaneering International (OII) to Add
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Capital One Soutcoast upgrades Oceaneering International (NYSE: OII) from Neutral to Add. Price target $65.
Capital One analyst says, "Our take: We stepped to the sidelines on OII when valuation began to get constrained above the $60 mark and w/ some caution ahead of 3Q earnings and the first look at 2010 guidance. The 3Q posting itself was essentially irrelevant (net positive qtr of $0.90, in line w/ our est and at the high end of guidance w/ ROVs holding steady and Products backlog/orders down, as exp, but still hanging in there). Guidance was the focal pt of the release. This first look at full-year '10 was pegged at $3.25 - $3.55, about what we expected, albeit a tighter range vs last year that didn't offer up the possibility of a more pronounced upside scenario (which is entirely fair given the wild-card nature of Products inbounds, yet nonetheless drove some post release down trading with some investors clearly looking for that upside scenario given the likelihood of a markedly up subsea tree inbound year off the '09 trough). The low end of guidance at $3.25 is plausible (we'd estimated ~$3.20 running scenarios of slower ROV fleet growth, down Products backlog w/ margin pressure on low capacity utlz/pricing, down Projects coming off Ike/Gustav, and a slower construction env)."
"We'd been a little greedy looking for a little further pull back and an even more attractive entry pt at $50 or below, but the stock seems to have bottomed out w/ momentum now behind it. Getting back on board w/ an ADD rating, as a result, given adequate valuation room once again."
To see more analyst ratings on OII Click Here.
Oceaneering International, Inc., together with its subsidiaries, provides engineered products and services primarily to the offshore oil and gas industry.
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