Oceaneering Rises on Higher Guidance and Dividend: Dallas Mover
Oceaneering International Inc. (OII), the world’s largest provider of underwater robots to the oilfield, climbed to an all-time high after beating profit expectations, raising earnings guidance for the year and boosting its dividend.
Oceaneering rose 8 percent to $66.57 at the close in New York, the highest price in the company’s history.
Net income rose 45 percent to $74.8 million, or 69 cents a share, Houston-based Oceaneering said yesterday in a statement. That’s 8 cents better than the average of 12 analysts’ estimates compiled by Bloomberg. The company raised 2013 earnings guidance to a range of $3.10 to $3.30 per share, up from an earlier forecast of $3 to $3.25. It also announced yesterday it will boost its dividend to 22 cents a share from a previous quarterly payment of 18 cents.
The quarterly results and increases in dividend and guidance “should provide for solid outperformance on the day and follow-through post earnings,” Brian Uhlmer, an analyst at Global Hunter Securities LLC in Houston, wrote today in a note to investors he titled “triple whammy.”
Oceaneering, which has 14 buy and 10 hold ratings from analysts, rose 23 percent in the quarter.
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