Jefferies Cuts Price Target on Oceaneering (OII) to $27; Reiterates Hold

Jefferies maintained a Hold rating on Oceaneering Intl (NYSE: OII), and cut the price target to $27.00 (from $31.00), following the company's 2Q. Jefferies cut estimates on OII as indications show that margins could weaken further in Products.

Analyst Brad Handler commented, "We lower numbers significantly in 2017E+ on indications that margins can weaken materially further in Products and lingering concern regarding ROV margins as well. Continued earnings risk leaves OII's now somewhat eroded valuation discount to cap equipment/deepwater peers unattractive to us (and the dividend cut overhang won't help). We maintain Hold and lower our PT to $27 from $31."

For an analyst ratings summary and ratings history on Oceaneering Intl click here. For more ratings news on Oceaneering Intl click here.

Shares of Oceaneering Intl closed at $28.96 yesterday.

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