Oceaneering Intl (OII) PT Raised to $17 at Societe Generale

Societe Generale analyst Edward Muztafago raised the price target on Oceaneering Intl (NYSE: OII) to $17.00 (from $16.00) while maintaining a Hold rating.

Analyst says: "We maintain an outlook for higher operating performance in OII’s Oil & Gas segments, with a stronger profitability backdrop for Advanced Technologies more than offset by higher unallocated expenses. Higher unallocated weighs on EPS, but core operating profit excluding unallocated is largely unchanged. We now forecast 2019/20 EPS at ($1.10)/($0.15) respectively, from ($0.80)/$0.05 We initiate 2021 EPS at $0.55. We shift our rolling valuation framework forward with the close of the quarter, and this bumps our forward 12-month target EBITDA used as the basis for our TP derivation to $232m, from $218m."

Shares of OII trade up +2.48%, while SPY trades up +0.84% in afternoon trading.

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