Why Oceaneering International Stock Was Riding High This Week
Next-generation industrial technology company Oceaneering International (NYSE: OII) was riding the waves of investor affection this week. According to data compiled by S&P Global Market Intelligence, its shares were up by just over 10% week to date as of late Thursday evening, thanks in no small part to a price target increase by a U.S. bank.
The person who launched that particular ship was Citigroup prognosticator Scott Gruber. Wednesday morning, Gruber upped his price target on Oceaneering stock by $3 per share to $19. He maintained his buy recommendation on the shares as he did so.
It wasn't immediately apparent why he ticked the price target higher, but recent global developments seem to favor the company. Oceaneering specializes in products for the energy industry, chiefly robotic devices for offshore operations, so the stubbornly high price of oil benefits its business.
Source Fool.com
