Oceaneering upgraded at Howard Weil, shares rise

Oceaneering (OII +1.2%) is upgraded to Sector Outperform from Sector Perform with a $105 price target, up from $85, at Howard Weil following Q3 results.

The firm believes OII is among the best run oilfield service companies, confirmed by the latest earnings beat and guidance from the conference call, which prompts a rise in its forward earnings and more comfort with visibility towards longer-term growth.

OII is as well positioned to take advantage of the ongoing deepwater and subsea development trends as any oilfield service company, the firm says.

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