Analyst Kurt Hallead of Benchmark Co. maintained a Buy rating on Oceaneering International (OII – Research Report), with a price target of $34.00.
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Kurt Hallead has given his Buy rating due to a combination of factors that highlight Oceaneering International’s potential for growth. The stock appears to have considerable upside potential, largely attributed to the momentum in the company’s Subsea Robotics segment, the increased margin backlog in its Manufactured Products division, and burgeoning opportunities in the industrial robotics sector.
Further supporting this positive outlook is the rising pricing momentum for remotely operated vehicles (ROVs), which is anticipated to benefit from higher deepwater rig rates. Additionally, with a significant portion of the ROV fleet repricing annually and offshore project final investment decisions expected to surge, the company is poised to see sustained margin improvements. Furthermore, the growth in the industrial robotics segment, particularly with the Max Mover autonomous forklifts, presents a significant opportunity in a multi-billion dollar market, enhancing the company’s long-term growth prospects.
According to TipRanks, Hallead is a 3-star analyst with an average return of 1.5% and a 36.55% success rate. Hallead covers the Energy sector, focusing on stocks such as Baker Hughes Company, Seadrill Limited, and Halliburton.